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Trump-inspired meme coins, including MAGA Hat, Super Trump, and Dark MAGA, have surged in value as election prediction markets increasingly favor a Trump victory.
Key Notes
Bitcoin has seen a 13% weekly increase, with analysts citing rising optimism ahead of Trump's potential return to the White House.Market signals, such as crypto price movement and ETF inflows, suggest growing confidence in a Trump victory.Congressman Byron Donalds revealed that Trump is preparing plans to dismantle regulatory barriers in the $2 trillion crypto market.The US election prediction markets are increasingly favoring Donald Trump’s victory with Polymarket data showing the chances surging to over 60% on Wednesday, October 16. As a result, the Trump-themed meme coins have staged a strong rally recently.
Earlier today, Trump-inspired meme coin MAGA Hat surged by a staggering 23.8% thereby raising its market valuation to more than $68.7 million. Other political-themed tokens followed suit, with Super Trump (STRUMP) jumping 31.9% to $0.0084 per token, and Doland Tremp (TREMP) gaining 20.4%, pushing its market cap to $36.1 million.
Another token, Dark MAGA, which represents a more authoritarian and dystopian version of Trump often shown with “laser eyes”, is also up by 28%, with its daily trading volumes surging to $1.75 billion. These gains contributed to the total market cap of political tokens surpassing $853 million, with community sentiment turning bullish, according to CoinMarketCap data.
Rep. Byron Donalds, a Republican congressman from Florida, stated on Wednesday that he and former President Trump discussed plans to break the regulatory “headlock” impacting the $2 trillion crypto market, citing the hostile stance of President Biden and Vice President Kamala Harris. He said:
“In short, President Trump is ready to clean house. And it’s not just a house cleaning, and then you don’t know what you’re going to do – there’s actually a systematic process for having people who are qualified, who have done work in our industries over time in the United States.”
Bitcoin Rallhy Kickstarts Ahead of Donald Trump’s Victory
Amid the anticipated victory of Donald Trump for the upcoming US elections, and the campaign entering its last week, Bitcoin (BTC) is showing major optimism hinting at a rally of over $70,000 in the near term.
The BTC price is up 13% on the weekly chart currently trading at $66,918 and a market cap of $1.322 trillion. It’s trading well above the US indices and gold. Billionaire Stan Druckenmiller pointed to crypto as one of the signals indicating that markets are factoring in a potential victory for the former president.
Donald Trump has pledged to position the US as the global hub for cryptocurrency as he competes in a close race against Democratic opponent Vice President Kamala Harris. His support for the crypto sector has resulted in Bitcoin being labeled a “Trump trade”, one of several bets hinging on his potential return to the White House. Also, the spot Bitcoin ETFs have skyrocketed to more than $1.4 billion in just the first three days of this week. Speaking on the development, Arisa Toyosaki, co-founder of Cega, a crypto derivatives service provider said that “excitement in prediction markets is leading to high levels of implied volatility and a rally in spot-Bitcoin prices. The recent significant inflows into Bitcoin exchange-traded funds are also fueling the rally.”
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
