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Elon Musk “Dark MAGA” Boosts Donald Trump’s Win Odds & Crypto Tokens Prices

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Elon Musk, the CEO of SpaceX and Tesla, recently attended a rally for Republican presidential nominee Donald Trump in Butler, Pennsylvania. He expressed his support for Trump wearing a unique ‘Make America Great Again’ cap and declaring himself as ‘Dark MAGA’. This statement coincided with a notable increase in the MAGA price, crypto linked to Trump’s political brand, which surged 20% following Musk’s appearance.

Elon Musk Identifies as ‘Dark MAGA’ At Donald Trump Rally

Elon Musk took the stage at a Donald Trump rally, immediately capturing the audience’s attention with a declaration of his “Dark MAGA” allegiance. His appearance at the event, held at the site of a previous assassination attempt on Trump, was marked by his distinctive support. 

Musk jokingly said,

“As you can see, I’m not just MAGA, I’m dark MAGA.”

This endorsement resonated with investors, as the MAGA price experienced a significant uptick, rising by 20% to $3.62 shortly after his speech. This surge was accompanied by a 130% increase in trading volume, indicating heightened market activity.

Similarly, other Trump-related cryptocurrencies also experienced a market boost. BABYTRUMP Coin, a meme coin referencing Trump in a humorous context, surged over 9% in 24 hours. Additionally, TrumpCoin (DJT), a politically-themed meme coin, has seen a significant increase in its market activity, rising over 50% in the last 24 hours. The token, operating on the Solana blockchain, saw a 600% surge in trading volume. 

Elon Musk has been supportive and vocal about the importance of a Trump win in the coming US election. He has termed it the most important and probably the last if Trump does not win. He has showcased his staunch support by updating his social media to reflect Trump’s campaign slogans, emphasizing the crucial nature of this election.

The Tesla CEO emphasized voter registration in his speech and commented,

“President Trump must win to preserve the Constitution. He must win to preserve democracy in America. This is a must-win situation.” 

In addition, Elon Musk’s Trump endorsement has boosted his election-winning odds, with polymarket data revealing that Donald Trump boasts a 50.6% lead over Kamala Harris’s 48.7%.

Historical Context and Crypto Market Reactions

Further, the engagement of figures like Elon Musk in political events attracts attention from various sectors, including social media, potentially amplifying the effects on financial markets. A recent CoinGape report pointed out that figures like Elon Musk are seen as “prophets” and could influence asset prices through their online followings and perceived visionary insights. 

Following the growing social media influence, Elon Musk’s declaration and attendance at the Donald Trump rally may impact October’s crypto markets. Historical trends and the anticipation of ‘Uptober,’ a month typically marked by bullish movements, suggest that their combined presence could catalyze a crypto rally.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Middle East Tension, US Jobs Data, & XRP Lawsuit Steal Spotlight

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20 hours ago

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October 6, 2024

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The crypto universe has closed another week with remarkable events unfolding across the wider sector. The Israel-Iran conflict brought significant turbulence to the broader market, whereas the recent U.S. jobs data sparked further investor speculation. Meanwhile, the Ripple vs US SEC saga saw new lawsuit developments, with XRP tackling considerable turbulence this week.

Here’s a collection of some of the most buzzworthy headlines reported by CoinGape Media over the past seven days.

Crypto Market Braces For Impact As Middle East Tensions Rise & U.S. Jobs Data

The much anticipated ‘Uptober’ rally witnessed a halt as the Israel-Iran conflict started this week. Notably, Iran launched missile attacks against Israel in retaliation for the latter’s attack on Hezbollah forces in Lebanon. As expected, the crypto market mirrored a negative impact to this development. Coinglass data showcased over $351 million liquidated from the market in light of the conflict-birthed market uncertainty.

Meanwhile, it’s also worth mentioning that American businessman Robert Kiyosaki shared vital insights amid the ongoing Middle East conflict. The American businessman slammed the Biden administration and lauded Republican Donald Trump instead, demanding the need for strong and decisive leaders during such times.

Also, the U.S. jobs data this week indicated that the nonfarm payroll data figures came in at 254,000 and the unemployment rate comes in at 4.1%, shredding expectations of a larger rate cut by the Fed ahead. In light of this market event, BlackRock CIO Rick Rieder anticipated that the Federal Reserve will cut interest rates further, but only by 25-basis-point.

XRP Lawsuit Sees New Developments

Meanwhile, this week saw American blockchain payments company Ripple and the SEC embark on new lawsuit-related developments. The SEC filed a notice of appeal against Judge Analisa Torres’ final judgment in the XRP lawsuit this week. This hinted that the regulatory body filed an appeal against the remedies ruling, which mandated a $125M penalty for Ripple.

Simultaneously, Ripple’s native crypto XRP price fell 13% in value over the past week, attributable to legal uncertainty. XRP price rested at the $0.53 level as the week came to an end. Also, XRP whales moved hundreds of millions of coins in the interim, adding a layer of intrigue among market participants. Nevertheless, CoinGape reported that a renowned crypto market analyst anticipated XRP to reach $5 despite regulatory scrutiny. Further, the SEC reportedly named Ripple CEO Brad Garlinghouse and Chris Larsen in its appeal this week.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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US CPI In Focus After Jobs Data Dampens 50 BPS Fed Rate Cut Hopes

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23 hours ago

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October 6, 2024

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The crypto market is waiting for the US Consumer Price Index (CPI) data, which is scheduled to be released later this week. The data, crucial to understanding the inflationary pressure in the economy, would be closely watched by investors, especially after the gloomy US Job data weighed on market sentiment. The stronger-than-anticipated nonfarm payroll data has dampened hopes over a potential 50 bps rate cut by the US Fed at their upcoming meeting.

Crypto Market Awaits US CPI Data

The US CPI data, which is scheduled to be released on Thursday, October 10, will be closely watched by the traders. Besides, these data are also evaluated by the US central bank to understand the inflation level in the nation. In other words, it is a crucial metric that helps the US Fed to decide its monetary policy plans.

According to market estimates, the CPI figures are expected to cool down to 0.1% in September, down from 0.2% in the prior month. On a YoY basis, the inflation is anticipated to come in at 2.3%, a decline from 2.5% noted in August.

On the other hand, the Core CPI, which excludes energy and food prices, is expected to show a cooling inflation of 0.2%, down from 0.3% in the previous month. However, the Core CPI, on an annual basis, is estimated to remain unchanged at 3.2%.

Meanwhile, the cooling inflation figures could boost the market sentiment, potentially triggering a rally in the crypto market. However, if the data shows a hotter-than-expected inflation level, the selling pressure in the market could worsen further.

US PPI And Fed Officials Speeches In Focus

The latest US Job data has weighed on the market sentiment, as it indicated a strong labor market. Usually, the decreasing nonfarm payroll data and soaring unemployment rate boost the market sentiment, raising bets over a larger US Fed rate cut. However, the latest data showed otherwise, with many experts like the BlackRock CIO now anticipating a 25 bps rate cut at the central bank’s upcoming meeting.

Meanwhile, amid this, the US CPI data will play a crucial role in shaping the market sentiment. In addition, another essential inflation metric, US PPI data, is also scheduled for next week. This would further shed light on the inflation level in the US, influencing the policy rate decision of the US Federal Reserve.

In addition, a flurry of Fed officials are expected to speak next week. The officials’ comments will also be closely watched by the investors, for cues on the central bank’s next move with their monetary policy plans.

Previously, Fed Chair Jerome Powell showed confidence towards a cooling inflation level in the US. Simultaneously, other Fed officials also leaned towards a larger rate cut of 50 BPS points at the central bank’s upcoming meeting this year.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Crypto Analyst Calls Chainlink An Opportunity of Lifetime: Here Is Why

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1 day ago

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October 6, 2024

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The crypto market contains millions of cryptos, making it an industry of $2.16T. Not only that, it processes $62 Billion worth of transactions in 24 hours, but calling one specific cryptocurrency a once-in-lifetime opportunity is a big deal. And that big deal is attributed to Chainlink (LINK), as said by the popular crypto analyst Michael Van De Poppe.

LINK is the 14th biggest cryptocurrency in the market based on its market capitalization of $7 Billion. Additionally, it has a trading volume of $208 Million, indicating its decent demand in the market. However, there is much more, as Michael forecasts.

In a recent X post, popular crypto analysts and trader Michael endorsed LINK after bringing everyone’s attention to the bullish behavior of the token on the weekly timeframe. In this post, he clarifies that the “token is consolidating above the crucial resistance and flipping that for support.”

He further revealed that anything between $9-11 is an opportunity to buy before the token hits a high of $35.29. With this post, he forecasted the LINK price to hit a three-year high before challenging the ATH of $52.88.

#Chainlink is still consolidating above the crucial resistance and flipping that for support.

I think anything between $9-11 is an interesting one to buy into.

I mentioned it a few times, but it remains to be an opportunity of a lifetime. pic.twitter.com/3vCTTiYsAe

— Michaël van de Poppe (@CryptoMichNL) October 4, 2024

This crypto analyst also clearly mentioned that he is repeating his previous claims that it is an opportunity of a lifetime. It is not that Michael analyzed the Chainlink price only, as he also analyzed the Bitcoin price performance, which could aid in the former ones’ growth.

In a similar post, he revealed that Bitcoin is bullish in the 12-hour frame, which could boost the rest of the altcoins. Ever since his mentions, the Bitcoin price has been up by 1% after its earlier drop to $60K, currently trading at $62,188, which is a good sign.

Michael posted this forecast on October 4, 2024, when LINK’s price was consolidating between $9-11. However, in the last 24 hours, the price has surged by 2.37%, bringing the value to $11.37 earlier in the day, currently at $11.26. However, this is not significant enough, as the token is only recovering the 13% price plunge of this week.

Chainlink Price AnalysisChainlink Price Analysis

Even on the technical charts, there is strong selling pressure among the holders, where the simple & exponential moving averages and MACD confirm this selling stress. Moreover, the RSI is neutral, indicating the continuity of this trend. Not to forget the Chainlink price has already failed to surge past the Pivot at $11.37, towards the resistance of $13.46, confirming the ongoing consolidation.

Because the price has grown bullishly in the last 24 hours despite the high selling pressure, it can grow further. A few technical indicators, like Momentum and Hull’s moving average, also hint at this possibility. However, if the selling pressure dominates, the price may fall further.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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