Renowned for his key roles at SpaceX and Tesla, Elon Musk recently grabbed headlines as he appeared at a rally in Butler, Pennsylvania, in support of Republican presidential nominee Donald Trump.
Endorsement of Trump by Musk
Musk, known for his influential status, made a bold statement by donning a distinctive ‘Make America Great Again’ cap and aligning himself with the moniker ‘Dark MAGA.’
During his address, Musk remarked,
“I’m not just MAGA, I’m embracing the essence of dark MAGA.”
Unsurprisingly, Musk’s participation at the rally had a considerable impact on the cryptocurrency market, particularly on coins associated with Trump’s political faction.
Influence on Dark MAGA coin and assorted digital tokens
Following his declarations, the value of MAGA surged by 20%, while Dark MAGA (DMAGA) witnessed an impressive surge of 227%, reaching approximately $0.0073.
Other meme coins linked to Trump also experienced notable gains: MAGA (TRUMP) rose by 3%, Doland Tremp (TREMP) saw a 10% increase, and Super Trump (STRUMP) climbed by 5%.
However, as of the current moment, DMAGA has faced a decline of 44.8%.
Conversely, TRUMP encountered a spike of 25.88%, TREMP witnessed a 20.52% hike, and STRUMP observed an 8.45% increase over the past day.
Crypto Engagement of Musk and Trump
Undoubtedly, Elon Musk has been a vocal supporter of cryptocurrencies for an extended period, particularly with his pro-Dogecoin stance.
His recent decision to curtail cryptocurrency endorsements emerged subsequent to a notable legal triumph whereby U.S. District Judge Alvin Hellerstein in Manhattan ruled in favor of Musk and dismissed a federal lawsuit targeting him.
This legal action accused Musk of misleading investors through market manipulation of DOGE’s value and engaging in insider trading, purportedly leading to substantial financial losses.
Furthermore, Trump’s vocal backing of cryptocurrencies during the ongoing election campaign has not escaped notice.
In contrast to Kamala Harris, who displayed reserved sentiments regarding cryptocurrency until her recent address at The Economic Club of Pittsburgh on September 25th, where she expressed robust advocacy for blockchain and AI.
With Trump demonstrating support for digital currencies and hinting at the appointment of Musk to head a potential governmental efficiency commission if re-elected, the long-standing affinity between the two personalities is accentuated.
Musk’s Rally Call to Voters
Concluding his speech, Elon Musk urged rally attendees to register and cast their votes in the upcoming November elections, underlining it as,
“The pivotal election of our era.”
He emphasized,
“President Trump’s victory is imperative for upholding the Constitution and safeguarding democracy in America. This is a critical moment.”
Trending Data on Polymarket
Anticipatedly, recent events have initiated a substantial shift in the prediction data on Polymarket, with Trump presently leading at 51%, while Harris lags behind at 48.3%.
This turnaround holds significance, notably considering Harris’s prior momentum following the initial presidential debate.
Therefore, as the political scenario transforms, Trump seems to be reclaiming ground, while Harris encounters hurdles in maintaining her initial edge.