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 in Polymarket, the popular prediction platform.
Data shows that Trump’s odds of winning the election rose to 60%, its highest level since July, when he was still vying against Joe Biden. Harris 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.
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 don’t have any 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.
