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Meme coin soars 227% after Musk discusses Trump rally

Meme coin soars 227% after Musk discusses Trump rally

GrafaGrafa2024/10/07 04:50
By:Mahathir Bayena

Tech billionaire Elon Musk made an appearance at Donald Trump’s rally in Butler, Pennsylvania, on October 5, creating significant market ripples, particularly for meme coins associated with Trump.  

The most notable movement was in Dark MAGA (CRYPTO:DMAGA), which saw its value surge 227%, reaching approximately $0.0073.  

Musk's attendance, donning a MAGA hat and "Occupy Mars" shirt, underscored his growing political involvement, especially with the upcoming U.S. elections in November.  

During the rally, Musk encouraged attendees to register and vote, calling it "the most important election of this lifetime."  

He also referenced the Dark MAGA meme coin during his speech, stating, "As you can see, I'm not just MAGA. I'm dark MAGA."  

Following his remarks, other Trump-related meme coins also experienced gains—MAGA (CRYPTO:TRUMP) rose 3%, Doland Tremp (CRYPTO:TREMP) increased by 10%, and Super Trump (STRUMP) saw a 5% rise.  

Musk’s appearance at the rally highlights his strengthening connection with Trump, who previously announced plans to appoint Musk to lead a government efficiency commission if re-elected.  

The tech mogul has also been active on social media, hosting Trump in a live X Space session in August.  

Meanwhile, this rally in meme coins coincided with shifting election odds on prediction platforms like Polymarket.  

According to Polymarket, Trump currently has a 50.4% chance of winning, while Vice President Kamala Harris's odds stand at 48.5%.  

This is the closest contest since mid-September, reflecting the ongoing uncertainty surrounding the upcoming election.

At press time, the Dark MAGA price was $0.004538. 

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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