The most important Donald Trump-inspired memecoin available on the market has exploded off its lows as the previous president’s odds of profitable the November election improve.
After hitting $1.64 on September 24, TRUMP (MAGA) ran as much as $5.67 by October seventh, a 246% rally in slightly below two weeks.
The transfer coincided with Donald Trump taking the lead on crypto betting platform Polymarket’s “Presidential Election Winner 2024” portal.
MAGA is presently buying and selling at $4.37 with a market cap of $201.1 million.
Trump now has a 52.6% likelihood of profitable the November fifth election in comparison with Kamala Harris’ 46.7%, in response to Polymarket.
The Republican nominee made crypto a part of his marketing campaign earlier this yr, arguing that the US ought to revive its digital asset business to grow to be the “crypto capital of the planet.” He additionally backed the launch of his personal crypto platform World Liberty Monetary (WLFI) – although particulars on the mission are nonetheless unclear.
Nonetheless, many have argued that the end result of the US election is essentially irrelevant to the way forward for crypto and its potential for a brand new bull market.
BitMEX founder Arthur Hayes just lately said that no matter who strikes into the White Home, they may inevitably improve spending, debase the greenback and in the end increase Bitcoin (BTC) and digital belongings.
“As soon as that’s settled, then it’s off to the races. Whoever wins the election goes to print cash.
Donald Trump’s going to chop taxes, Kamala Harris goes to extend welfare funds, however each side are in settlement that the federal government’s position by way of how a lot it spends must increase, no matter the place that growth is. In order crypto holders we don’t actually care what they spend the cash on…”
And VanEck’s head of digital belongings Matthew Sigel said that each Kamala Harris and Donald Trump are bullish for Bitcoin, with solely nuanced implications for digital belongings.
Sigel mentioned each candidates will seemingly preserve fiscal spending – or improve it – which may result in additional quantitative easing (QE), which has traditionally been bullish for the asset class.
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