Elon Musk, the CEO of SpaceX and Tesla, recently attended a rally for Republican presidential nominee Donald Trump in Butler, Pennsylvania. He expressed his support for Trump wearing a unique ‘Make America Great Again’ cap and declaring himself as ‘Dark MAGA’. This statement coincided with a notable increase in the MAGA price, crypto linked to Trump’s political brand, which surged 7% following Musk’s appearance.
Elon Musk Identifies as ‘Dark MAGA’ At Donald Trump Rally
Elon Musk took the stage at a Donald Trump rally, immediately capturing the audience’s attention with a declaration of his “Dark MAGA” allegiance. His appearance at the event, held at the site of a previous assassination attempt on Trump, was marked by his distinctive support.
Musk jokingly said,
“As you can see, I’m not just MAGA, I’m dark MAGA.”
This endorsement resonated with investors, as the MAGA price experienced a significant uptick, rising by 7.84% to $3.24 shortly after his speech. This surge was accompanied by a 37% increase in trading volume, indicating heightened market activity.
Similarly, other Trump-related cryptocurrencies also experienced a market boost. BABYTRUMP Coin, a meme coin referencing Trump in a humorous context, surged over 9% in 24 hours. Additionally, TrumpCoin (DJT), a politically-themed meme coin, has seen a significant increase in its market activity, rising over 20% in the last 24 hours. The token, operating on the Solana blockchain, saw a 466% surge in trading volume.
Elon Musk has been supportive and vocal about the importance of a Trump win in the coming US election. He has termed it the most important and probably the last if Trump does not win. He has showcased his staunch support by updating his social media to reflect Trump’s campaign slogans, emphasizing the crucial nature of this election.
The Tesla CEO emphasized voter registration in his speech and commented,
“President Trump must win to preserve the Constitution. He must win to preserve democracy in America. This is a must-win situation.”
In addition, Elon Musk’s Trump endorsement has boosted his election-winning odds, with polymarket data revealing that Donald Trump boasts a 50.6% lead over Kamala Harris’s 48.7%.
Historical Context and Crypto Market Reactions
Further, the engagement of figures like Elon Musk in political events attracts attention from various sectors, including social media, potentially amplifying the effects on financial markets. A recent CoinGape report pointed out that figures like Elon Musk are seen as “prophets” and could influence asset prices through their online followings and perceived visionary insights.
Following the growing social media influence, Elon Musk’s declaration and attendance at the Donald Trump rally may impact October’s crypto markets. Historical trends and the anticipation of ‘Uptober,’ a month typically marked by bullish movements, suggest that their combined presence could catalyze a crypto rally.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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