Trump memecoins all "raise the stakes" ahead of Elon Musk interview
Donald Trump-themed memecoins are among the top crypto assets to gain the most on August 12 ahead of the highly anticipated interview with Elon Musk.
In recent days, the investor community has witnessed a recovery with "green" covering the cryptocurrency market after the horrific "flash crash" that took place a week ago.
However, the Ethereum ETF's meager weekly inflow of $104.8 million is still not enough to counter the selling pressure from Bitcoin ETFs, making the overall market sentiment "hesitant" for the next trend. Most are waiting for more positive information in the hope of creating momentum to push the entire market up in the coming time.
In that context, the livestream on X (old Twitter) is about to take place at 07:00 on August 13, 2024 (Vietnam time), between billionaire Elon Musk and Republican US presidential candidate Donald Trump, becoming the focus that can revive the entire market because of the expectation that both people will not only discuss political topics but also crypto.
Also on the evening of August 12, Mr. Trump had his first post on X (Twitter) after nearly a year, sharing a campaign video. The former US President used to be very active on Twitter, but when he lost the election in January 2021, his account was banned by the social network. Even when Elon Musk bought Twitter, Mr. Trump still refused to return to X and instead switched to the platform he developed himself, Truth Social. However, things may change after the upcoming interview on X with Musk.
Elon Musk has been a supporter of cryptocurrencies and is credited with popularizing Dogecoin (DOGE). Tesla, the electric car company owned by Elon Musk, is the third-largest holder of Bitcoin (BTC) in the US after two other global public companies, MicroStrategy and Marathon Digital, with 9,720 BTC worth over $580 million. Donald Trump has also emerged as a strong supporter of crypto, especially since he dubbed himself the “Crypto President”. As part of his policy when he won the “hot seat” at the White House, he pledged to fire Gary Gensler from his position as head of the US Securities and Exchange Commission (SEC), who is often considered a “crypto killer” due to a series of lawsuits against tokens for violating securities laws. According to Arkham, he owns $3.4 million worth of tokens with a portfolio that includes Ethereum (ETH), wETH, TROG and a series of "himself"-themed memecoins such as TRUMP, BABYTRUMP, MAGA.
Therefore, although the interview is still more than a day away, Donald Trump-themed memecoins are one of the crypto assets that have seen the strongest price increases.
A series of Donald Trump-themed memecoins have "built columns" to increase from 15 - more than 100% in less than 24 hours, including MAGA (TRUMP) up 17% - MAGA: Fight for Trump (TRUMPCOIN) saw a peak increase of more than 30% to $0.008.
Similarly, Dark Maga (DMAGA) surged nearly 60% to $0.0236, bringing its total market capitalization to over $22 million by the afternoon of August 12, 2024. Meanwhile, MAGA Hat (MAGA) "built a column" of 150% to $0.0001268, its highest level since August 7.
Not only that, a poll from prediction platform Polymarket also showed that Trump is likely to mention MAGA and crypto in the upcoming interview with a rate of 68%.
Typically, cryptocurrencies often see a price increase before a major event, something that happened before Donald Trump's speech at the Bitcoin 2024 Conference held in Nashville, Tennessee, on July 28. However, according to analysts, Donald Trump-themed tokens may see a price decrease during or after the interview, as investors sell off on the news.
On the Polymarket prediction market, Mr. Trump is surprisingly "losing ground" compared to his Democratic opponent Kamala Harris, with the predicted rate of winning the US presidential election in November at 45% - 51%, down significantly from the 49% recorded on August 8.
However, who will be elected remains a mystery as both candidates have almost identical support rates on Polymarket, indicating a close competition in the 2024 White House race. This confrontation is not only political in nature but also marks an important turning point for the future of regulations and innovation in the crypto sector in the United States in particular and the entire crypto market in general.
