- Musk’s rally appearance boosted crypto prices linked to Trump’s political brand.
- Trump’s lead in Polymarket predictions signals a shift in the political landscape.
Elon Musk, the influential CEO of SpaceX and Tesla, recently made headlines by attending a rally for Republican presidential nominee Donald Trump in Butler, Pennsylvania.
Musk backs Trump
At the event, Musk showcased his support by putting on a distinctive ‘Make America Great Again’ cap and identifying himself as ‘Dark MAGA.’
During his speech, Musk said,
“As you can see, I am not just MAGA, I’m dark MAGA.”
As expected, Musk’s appearance at the rally had a significant impact on the crypto market, particularly for coins associated with Trump’s political brand.
Impact on Dark MAGA coin and other crypto tokens
Following his remarks, the price of MAGA surged by 20%, while Dark MAGA (DMAGA) skyrocketed by an astonishing 227%, reaching around $0.0073.
Other meme coins linked to Trump also saw notable gains: MAGA (TRUMP) increased by 3%, Doland Tremp (TREMP) jumped 10%, and Super Trump (STRUMP) rose by 5%.
However, by the time of writing, DMAGA had declined by 44.8%.
In contrast, TRUMP enjoyed a 25.88% spike, TREMP saw a 20.52% hike, and STRUMP was up by 8.45% over the past 24 hours.
Musk and Trump’s crypto involvement
Needless to say, Elon Musk has long been a prominent advocate for cryptocurrencies, particularly Dogecoin [DOGE].
In fact, his recent decision to halt crypto promotions came after a significant legal victory wherein U.S. District Judge Alvin Hellerstein in Manhattan ruled in Musk’s favor, dismissing a federal lawsuit against him.
This lawsuit alleged that Musk had defrauded investors by manipulating DOGE’s price and engaging in insider trading, which purportedly resulted in billions of dollars in losses.
Additionally, Trump’s vocal support for cryptocurrency during this election cycle has not gone unnoticed.
In contrast to Kamala Harris, who appeared reserved about cryptocurrency until her recent speech at The Economic Club of Pittsburgh on the 25th of September, where she voiced robust support for blockchain and AI.
That being said, Trump’s endorsement of digital currencies and his intention to appoint Musk to lead a government efficiency commission if re-elected and Musk’s long-shown inclination toward Trump, highlight the strong alignment between the two figures.
Musk pushes voters at the rally
At the end of his speech, Elon Musk urged attendees to register and vote in November, emphasizing it as,
“The most important election of this lifetime.”
He added,
“President Trump must win to preserve the Constitution. He must win to preserve democracy in America. This is a must-win situation.”
Polymarket trend
As expected, the recent developments have led to a notable shift in Polymarket’s prediction data, with Trump currently holding a lead at 51%, while Harris trails behind at 48.3%.
Source: Polymarket
This reversal is significant, especially considering Harris’s earlier momentum following the first presidential debate.
Thus, as the political landscape evolves, it appears that Trump is regaining his footing, while Harris faces challenges in maintaining her initial advantage.
