Donald Trump-themed crypto coins rallied after his highly successful rally in New York’s Madison Square Garden and as the countdown to the election date continued.
The Department of Government Efficiency (DOGE) jumped by 50%, pushing its market cap to over $53 million. This rally happened after Elon Musk appeared in the rally and talked about his vision for the US government.
MAGA (TRUMP), the biggest Trump-themed coin, rose by 23%, reaching its highest level since October 19. Similarly, MAGA Hat soared by almost 17%, while Doland Tremp (TREMP) and Trumpcoin (DJT) jumped by 18%.
These tokens soared after Trump held a big rally with thousands of attendees in New York, a historically blue state. According to media reports, the arena was full, while thousands of people were turned away.
— Bo Loudon (@BoLoudon) October 27, 2024🚨BREAKING: OVER 94,500 ARE AT RIGHTFUL PRESIDENT TRUMP'S MADISON SQUARE GARDEN RALLY!
The arena has reached MAX CAPACITY of 19,500 & NYPD has reported 75,000 OUTSIDE!
This is the BIGGEST RALLY I've ever been at!
No BUSSES or TWERKING RAPPERS needed!
pic.twitter.com/vAWLZTmjbV
Meanwhile, odds in the prediction market have shifted solidly in Trump’s favor. A Polymarket poll with $2.6 billion in assets, has placed Trump’s odds of winning at 66% compared to Kamala Harris’ 34%, her lowest level on record.
Other prediction markets like PredictIt and Kalshi have similar numbers, with Trump having a 60% chance of winning.
Trump crypto coins could reverse
However, analysts caution that these polls should be taken with a grain of salt because a few people can influence their performance. For example, in Polymarket, the three leading pro-Trump predictions – which are run by one person in France – have a stake worth over $40 million.
Also, most traditional polls show that the race is close in swing states like Michigan, Pennsylvania, Arizona, Nevada, and Georgia. Additionally, in many cases, such as in 2016 and 2022, polls have been wrong.
In theory, most Trump crypto coins will do well if he wins the presidential race in next week’s general election since they are mostly driven by hype. On the other hand, the tokens will likely drop sharply if he loses the election because, at his age, he will likely lose his influence among most Republicans.
The other risk for these meme tokens is a situation where they rally ahead of the election and then retreat sharply when it happens. This is a situation known as buying the rumour, and selling the news.
Trump meme coins have done well at a time when demand for meme coins is rising. Data shows that all meme coins have a market cap of over $62 billion, and 24-hour volume of $8 billion.