The market’s largest Donald Trump-inspired memecoin has exploded from its lows as the former president’s chances of winning the November election increase.
After reaching $1.64 on September 24, TRUMP (MAGA) rose to $5.67 on October 7, a 246% rally in just under two weeks.
The move coincided with Donald Trump taking the lead on crypto gambling platform Polymarket’s portal “Presidential Election Winner 2024”.
MAGA is currently trading at $4.37 with a market cap of $201.1 million.
According to Polymarket, Trump now has a 52.6% chance of winning the November 5 election, compared to Kamala Harris’ 46.7%.
The Republican candidate made crypto part of his campaign earlier this year, arguing that the US needed to revive its digital asset industry to become the “crypto capital of the planet.” He also backed the launch of his own crypto platform World Liberty Financial (WLFI), although details about the project are still unclear.
However, many have argued that the outcome of the US election is largely irrelevant to the future of crypto and its potential for a new bull market.
BitMEX founder Arthur Hayes recently said that no matter who comes to the White House, they will inevitably increase spending, depress the dollar and ultimately boost Bitcoin (BTC) and digital assets.
“Once that’s sorted, we’re off to the races. Whoever wins the elections will print money.
Donald Trump is going to cut taxes, Kamala Harris is going to increase social benefits, but both parties agree that the role of government in terms of how much it spends must grow, wherever that expansion occurs. So as crypto holders we don’t really care what they spend the money on…’
And Matthew Sigel, head of digital assets at VanEck, said both Kamala Harris and Donald Trump are bullish on Bitcoin, with only nuanced implications for digital assets.
Sigel said both candidates are likely to maintain — or increase — budget spending, which could lead to further quantitative easing (QE), which has historically been bullish for the asset class.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney
Credit : dailyhodl.com
