Donald Trump-themed meme coins were among the best performers on Aug. 12 as traders awaited a crucial interview on X with Elon Musk.

Dark Maga (DMAGA) token rose by 15%, while MAGA Hat (MAGA) jumped by almost 50% to $0.00007737, its highest point since Aug. 7.

Similarly, MAGA (MAGA) rose by 12.7% to $3.56, giving it a market cap of over $161 million. MAGA: Fight for Trump (TRUMPCOIN) jumped by almost 30%, bringing its valuation to $8.1 million.

These tokens are rising ahead of an X (Twitter) interview between Elon Musk and Trump, the Republican presidential candidate. Traders anticipate that the two will discuss cryptocurrencies. A Polymarket poll shows that Trump is likely to mention MAGA and crypto during the interview.

This is unscripted with no limits on subject matter, so should be highly entertaining!

If you have specific questions & comments, post them under the chat.

— Elon Musk (@elonmusk) August 12, 2024

Elon Musk has been a supporter of digital currencies and is credited with making Dogecoin (DOGE) popular. Tesla, his company, is the third-largest Bitcoin (BTC) holder in corporate America after MicroStrategy and Marathon Digital with a stake of 9,720 coins worth over $544 million. 

Donald Trump has also emerged as a big supporter of the industry. According to Arkham, he owns tokens worth $3.4 million. His holdings include Ethereum (ETH), wETH, and Trog.

In a recent statement, Donald Trump vowed to be the most pro-Bitcoin president in the US. As part of his policy, the government will maintain its 213,200 BTC holdings. Additionally, he has pledged to fire Gary Gensler as the head of the Securities and Exchange Commission. 

Recent polls show that Trump and rival candidate Kamala Harris are in a very tight race. Polymarket has Harris leading with a 52% chance compared to Trump’s 42%. Other polls show that the two candidates are neck and neck in key states that will determine the final outcome.

In most cases, cryptocurrencies rally ahead of a big event, as happened ahead of Trump’s speech at the recent Bitcoin Conference in Nashville.

However, there is a risk that MAGA, Trumpcoin, and Trump-themed tokens could drop during and after the interview as investors sell the news. This scenario often occurs when investors buy an asset before a major event and then sell off when the event takes place.

Looking ahead, these tokens will also react to the upcoming US inflation report, which will impact the Federal Reserve’s interest rate decision in September. A lower inflation report would be beneficial to meme coins and other cryptocurrencies.