Tech billionaire Elon Musk attended a rally for Republican candidate Donald Trump on October 5, stirring significant market reactions, especially among meme coins linked to the former president.
The event took place in Butler, Pennsylvania, the site of an attempted assassination of Trump in July.
Dark MAGA Meme Coin Jumps 227%
Musk, the owner of social media platform X, arrived at the rally wearing a black blazer, an “Occupy Mars” shirt, and a black MAGA hat. His appearance marked an important moment in his growing political involvement in the impending US November elections.
Observers noted Musk’s attendance at the rally highlights his strengthening ties with Trump. Trump previously mentioned that he would appoint Musk to head a government efficiency commission if re-elected. Meanwhile, Musk has emerged as a prominent Trump supporter, even hosting the former president on a live X Space session in August.
At the rally, Musk encouraged the crowd to register and vote in November, calling it “the most important election of this lifetime.” He stressed the urgency by urging attendees to get others involved in the voting process.
Read more: How Can Blockchain Be Used for Voting in 2024?
During his speech, Musk referenced Dark MAGA, a meme coin inspired by Trump. After his remarks, Dark MAGA’s value surged by 227%, reaching approximately $0.0073. Other meme coins also experienced gains. MAGA (TRUMP) rose 3%, Doland Tremp (TREMP) spiked 10%, and Super Trump (STRUMP) increased 5%.
“As you can see, I’m not just MAGA. I’m dark MAGA,” Musk stated.
Meanwhile, this rally in meme coins comes as election odds on platforms like Polymarket shift. This reflects a close contest between Trump and Vice President Kamala Harris.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
According to Polymarket, Trump has a 50.4% chance of winning, while Harris’s odds are 48.5%. This is the closest contest the platform has seen since mid-September, highlighting the uncertainty surrounding the upcoming election.
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