Most Donald Trump-themed meme coins went parabolic this week after he appeared in a campaign rally with Elon Musk during the weekend.
Trump meme coins surge
Trump (MAGA) token has risen in the last five consecutive days, reaching a high of $5, its highest point since August 24. It has pumped by almost 200% from its lowest point in September.
MAGA Hat (TRUMP) token has also bounced back, soaring to $0.0002, its highest level since July 16 and 425% from the lowest point this year. Doland Tremp (TREMP) has also gone parabolic this week, jumping to a two-month high of $0.4365.
The same happened on Wall Street as the Trump Media & Technology (DJT) stock soared by over 15% on Monday.
Trump meme coins jumped as Bitcoin remained in a tight range. On Tuesday morning, it was trading at $63,800, where it has been in the past few days.
This price action happened because of the improving odds that Trump will win the upcoming general election. Data by Polymarket shows that Trump leads by 53% against Kamala Harris 47, the biggest margin in weeks.
These odds rose after Trump campaigned with Elon Musk, the richest person globally with a net worth of over $256 billion. Musk, who owns X, has become one of the most influential and popular individuals in the US.
Still, it is still too early to determine who will win the next election. For example, a Kalshi poll with over $1.17 million in assets has the two tied.
Read more: Bitcoin Price Could Have A ‘Massive Breakout’ – Crypto Analyst
Trump and Kamala Harris polls
The two are also tied in most swing states. According to the New York Times, Harris leads Trump 49% to 46% nationally. She also leads him marginally in places like Wisconsin, Michigan, Pennsylvania, and Nevada. Trump, on the other hand, leads in North Carolina and Arizona. All these polls are within a margin of error.
Trump meme coins do well when there are odds of him winning the election. Besides, he has vowed to be the most crypto-friendly president ever. For one, he has pledged to replace Gary Gensler, the head of the Securities and Exchange Commission (SEC).
Trump also has a stake in the crypto industry. He has recently launched the World Liberty Financial, and according to Arkham, his crypto portfolio is worth over $5.6 million.
However, Trump’s election has some substantial risks, including an escalated trade war with China and US public debt load. A report released this week showed that his government would add over $7.5 trillion in deficit compared to Harris’ $3.5 trillion.
