The largest memecoin dedicated to Donald Trump rapidly rose from low levels as the former president’s chances of winning the November elections increased. Previously, Trump’s altcoin had fluctuated following various events, such as assassination attempts and debates. However, the PolitFi trend led to a shift in volumes towards polls, which has resulted in a lack of expected demand for tokens in this area.
Trump Coin Climbs
On September 24, TRUMP (MAGA) reached a price of $1.64 and surged to $5.67 by October 7. This represents a 246% increase within approximately two weeks. This movement coincided with Donald Trump’s lead in the Polymarket crypto prediction platform’s survey regarding the “2024 Presidential Election Winner.”
The increased likelihood of Trump winning the elections is positive for cryptocurrencies in general. However, tokens like MAGA may trigger further upward movements. There have been numerous days when multiple Trump tokens rose simultaneously before prediction platforms became prominent.
Election Expectations and Market Effects
MAGA is currently trading at $4.37, with a market value of $201.1 million. If Trump wins the election, positive effects on crypto assets and Bitcoin 
$101,606 are anticipated. He promises to remove the current SEC chair on his first day in office.
According to Polymarket, Trump’s chances of winning the November 5 elections stand at 52.6%, while Kamala Harris is at 46.7%. Earlier this year, the Republican candidate included crypto in his campaign, aiming to make the U.S. “the crypto capital of the planet.” He also announced the launch of his own crypto platform, World Liberty Financial (WLFI).
Arthur Hayes, founder of BitMEX, stated that regardless of the election outcome, increased government spending would benefit Bitcoin and digital assets. Matthew Sigel, Head of Digital Assets at VanEck, noted that both candidates are favorable for Bitcoin.
Expert Opinions
Sigel mentioned that both candidates would maintain or increase fiscal spending, which has historically been positive for this asset class.
In conclusion, the rise of Trump’s supported memecoin parallels the increased election prospects. Experts predict that beyond the election results, the government’s rising expenditures will create positive impacts on crypto assets. This situation is considered a significant indicator of the broader dynamics in the cryptocurrency markets.
