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MAGA Token Goes Parabolic as Trump Polymarket Odds Rise

Crispus Nyaga
Crispus Nyaga
Crispus Nyaga
Author:
Crispus Nyaga
Writer
Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.
October 16th, 2024
Editor:
Ruby Layram
Ruby Layram
Editor:
Ruby Layram
Crypto Content Editor
Ruby is a seasoned Editor with 5 years of experience working in the cryptocurrency space. She currently works as a Crypto Content Editor for BanklessTimes with a focus on creating informative content that helps our readers navigate cryptocurrency with confidence. Ruby discovered crypto whilst working as a freelance writer at University. She has been passionate about shedding light on crypto and DeFi through valuable content ever since. Before joining the team at BanklessTimes, Ruby worked on a number of established finance sites including The Motley Fool, TradingPlatforms.com, StockApps, ICOBench, and MoneyMagpie.com.

MAGA, the biggest political-themed token, continued rising as the odds of Donald Trump winning the general election rose. 

MAGA and other Trump tokens are soaring

The Trump token jumped to $5.58 on Wednesday, its highest swing since July 2024. It has moved into a local bull market after rising by 200% from its lowest level this year.

The main catalyst for the surge was the ongoing performance of Polymarket, the popular prediction platform. 

Data shows that Trump’s odds of winning the election rose to 60%, the highest level since July when he was still vying against Joe Biden. Harris’s odds, on the other hand, have dropped to 40%, the lowest point since she entered the race.

All signs show that Trump has a higher chance of winning, especially after receiving an endorsement from Elon Musk and Robert Kennedy. Data by Kalshi also shows that he has a 56% chance compared to Harris’ 44%.

The same is happening in the closely-watched and highly accurate RealClear Politics polls. Data shows that Donald Trump is winning in most battleground states. At this time in 2016 and 2020, Hillary Clinton and Joe Biden were leading, meaning that Trump has a higher chance of winning unless there is a big October Surprise. 

Trump odds
Donald Trump’s odds are rising.

DJT and Rumble stocks have soared

In addition to MAGA, other Trump-themed tokens have done well in the past few months. MAGA Hat (MAGA), Doland Tremp (TREMP), and Super Trump (STRUMP) have all jumped by more than 150% from their lowest level this year.

The same is happening in the stock market, where the Trump Media & Technology (DJT) stock price has soared by over 40% in the past few days. Rumble, which owns a conservative-leaning social media platform, has also soared.

To be clear, these Trump meme coins—and even the DJT stock—have weak fundamentals since they lack utility. As a result, their price action depends on the performance of the broader crypto industry and the odds of Trump winning or losing the election.

This also explains why tokens themed on Kamala Harris have plunged in the past few days. The Kamala Horris token has plunged by over 25% in the past seven days, giving it a market cap of just $6 million. 

Contributors

Crispus Nyaga
Writer
Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.