- MAGA crypto outperformed BTC as Trump’s chances of winning soared.
- The outcome of the US elections will determine whether MAGA crypto survives or not.
Although Bitcoin [BTC] has been one of the most followed ‘Trump trades’, given the former president’s rising chances of winning the US elections, other coins such as MAGA crypto have also benefited.
The memecoin rose 33% over the past seven trading days, even outperforming BTC, which rose around 6% over the same period.
However, if the outcome of the US election turns out as prediction sites like Polymarket predicted, MAGA and its associated coins could explode in a wild rally.
US Elections vs. MAGA
At the time of writing, Polymarket Trump’s odds of winning were 66%, compared to 34% for Kamala. With different models and prediction sites pointing with higher odds of a Trump win, such an outcome could spark another wild run for MAGA crypto.
Source: Polymarkt
The above-mentioned high conviction has remained high, with whales placing multimillion-dollar bets on Trump’s likely victory.
Interestingly, the markets seemed to be trending towards the same scenario outlined by prediction sites.
BTC and crypto could benefit more than US stocks if Trump wins the election, according to trading firm QCP Capital. The company declared,
“The rising odds of a Trump victory have strengthened both stocks and Bitcoin. We believe BTC is particularly well positioned to benefit from equities over the medium term.”
MAGA main price levels
If so, MAGA and related coins like DJT could also explode and even outperform BTC again.
At the time of writing, social volume for MAGA had increased to its highest level in two months, indicating strong traction and interest in social media channels. This traction could improve MAGA’s price prospects.
However, sentiment dropped into negative territory, indicating that the market is cautious about the memecoin in the short term.
Source: Santiment
MAGA was valued at $4.3 on the price charts at the time of writing. However, an explosive move could push towards $12, a bearish order block in July that could act as a key resistance and roadblock. If so, that could trigger a potential 200% rally.
But if Trump doesn’t win, MAGA could even drop to zero. This makes next week a pivotal moment for MAGA and related political memecoins.
Source: MAGAUSDT, TradingView