The biggest Donald Trump-inspired memecoin on the market has exploded from lows as the former president’s odds of winning the November election increase.
TRUMP (MAGA) hit $1.64 on September 24th and then rose to $5.67 by October 7th, a 246% rally in just two weeks.
The move coincides with Donald Trump leading the “2024 Presidential Winner” portal on cryptocurrency betting platform Polymarket.
MAGA is currently trading at $4.37 with a market capitalization of $201.1 million.
According to PolyMarket, Trump’s current probability of winning the November 5 presidential election is 52.6%, which is higher than Kamala Harris’s 46.7%.
The Republican candidate incorporated cryptocurrency into his campaign earlier this year, arguing that the United States should become the “crypto capital of the planet” by reviving the digital asset industry. He also supported the launch of his own cryptocurrency platform, World Liberty Financial (WLFI), but details about the project remain unclear.
However, many have argued that the outcome of the US election has little to do with the future of cryptocurrencies and the potential for a new bull market.
BitMEX founder Arthur Hayes recently said that whoever enters the White House will inevitably increase spending, devalue the dollar and ultimately boost Bitcoin (BTC) and other digital assets.
“Once that’s resolved, it’s on to the racing. Whoever wins the election will print money.
Donald Trump plans to cut taxes, while Kamala Harris plans to increase welfare payments, but both sides agree that the government’s role in how much it spends must be expanded, regardless of where it expands. So, as cryptocurrency holders, we don’t really care what they spend their money on…
And Matthew Sigel, head of digital assets at VanEck, said both Kamala Harris and Donald Trump are bullish on Bitcoin and have only subtle implications for digital assets.
Sigel said both candidates are likely to maintain or increase fiscal spending, which could lead to further quantitative easing (QE), which has historically been bullish for the asset class.
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