Elon Musk, the influential chief executive officer of SpaceX and Tesla, made waves recently when he showed his support for Republican presidential nominee Donald Trump at a rally in Butler, Pennsylvania.
Musk’s Backing of Trump
During the event, Musk expressed his endorsement by donning a unique ‘Make America Great Again’ hat and identifying himself as ‘Dark MAGA.’
He stated during his speech,
“I don’t just support MAGA, I’m in the camp of dark MAGA.”
Unsurprisingly, Musk’s appearance had a significant impact on the cryptocurrency market, particularly for coins associated with Trump’s political persona.
Effect on Dark MAGA Coin and Other Digital Tokens
Following his statements, MAGA’s value surged by 20%, while Dark MAGA (DMAGA) saw an impressive 227% increase, reaching approximately $0.0073.
Other meme coins connected to Trump also experienced noteworthy gains: MAGA (TRUMP) rose by 3%, Doland Tremp (TREMP) spiked by 10%, and Super Trump (STRUMP) went up by 5%.
However, at present, DMAGA has dropped by 44.8%.
In contrast, TRUMP saw a rise of 25.88%, TREMP had a hike of 20.52%, and STRUMP increased by 8.45% in the last 24 hours.
Musk and Trump’s Involvement in Cryptocurrencies
Elon Musk has been a long-time proponent of cryptocurrencies, particularly Dogecoin [DOGE].
His recent decision to cease cryptocurrency endorsements followed a significant legal win, where U.S. District Judge Alvin Hellerstein in Manhattan ruled in his favor, dismissing a federal lawsuit alleging market manipulation and insider trading that supposedly caused substantial losses.
Additionally, Trump’s vocal support for digital currencies during this election period has been duly noted.
Unlike Kamala Harris, who previously showed a reserved stance on cryptocurrencies until her recent address at The Economic Club of Pittsburgh on September 25th, where she expressed strong backing for blockchain and AI.
Trump’s advocacy for digital assets and his plan to appoint Musk to a government efficiency commission if re-elected, along with Musk’s demonstrated affinity for Trump, underscore a notable alignment between the two figures.
Musk Encourages Voter Participation at the Rally
In his closing remarks, Elon Musk urged rally attendees to register and vote in the upcoming election, stressing its significance as,
“The most crucial election in our lifetime.”
He further stated,
“President Trump’s victory is essential to uphold the Constitution and democracy in America. It’s imperative for him to win.”
Polymarket’s Trend Analysis
As anticipated, recent events have caused a notable shift in Polymarket’s prediction data, with Trump currently leading at 51%, while Harris trails at 48.3%.
This reversal carries weight, especially after Harris previously gained momentum post the initial presidential debate.
As the political landscape continues to evolve, it seems that Trump is reclaiming ground while Harris encounters challenges in maintaining her previous advantage.