Key Points
- MAGA crypto has outperformed Bitcoin as Trump’s odds of winning the US election have increased.
- The outcome of the US election will determine the future of MAGA crypto.
MAGA crypto has seen significant gains recently, outperforming Bitcoin (BTC) as former President Trump’s chances of winning the US election have risen. Other cryptocurrencies, such as MAGA, have also seen benefits. Over the past week, MAGA crypto has surged by 33%, outperforming Bitcoin, which saw a 6% rally over the same period.
However, the fate of MAGA and other related coins is tied to the outcome of the US election. Predictions from sites like Polymarket suggest a potential explosion in the value of these coins if Trump secures a victory.
US Elections and MAGA
Polymarket currently predicts a 66% chance of a Trump win, compared to a 34% chance for Kamala. Other prediction models also suggest a higher likelihood of a Trump victory, which could trigger a significant rally for MAGA crypto.
Whales, or large-scale investors, are placing million-dollar bets on a Trump win, indicating a strong conviction in this outcome. The market also seems to be aligning with this scenario.
According to trading firm QCP Capital, both stocks and Bitcoin could see benefits if Trump wins the election. The firm believes that Bitcoin is particularly well-positioned to benefit in the medium term compared to equities.
Price Levels of MAGA
If Trump wins, MAGA and related coins like DJT could see explosive growth, potentially outperforming Bitcoin once again. Currently, the social volume for MAGA is at a two-month high, indicating strong traction and interest in social media channels.
However, market sentiment has dropped into negative territory, suggesting short-term caution towards this memecoin. At the moment, MAGA is valued at $4.3. If an explosive move occurs, this could push the value towards $12, a key resistance level. This could potentially trigger a 200% rally.
However, if Trump does not win the election, the value of MAGA could potentially drop to zero. This makes the upcoming week crucial for MAGA and other politically-related memecoins.
