Trump-themed Memecoin TRUMP (MAGA) Soars 246% as Election Prospects Brighten

The Donald Trump-themed memecoin has seen a significant rise recently. As Trump's chances of winning the upcoming election improve, so does the price of TRUMP (MAGA). It jumped from $1.64 on September 24 to $5.67 by October 7. That's a huge increase of 246% in just under two weeks!

This surge in price coincides with Trump taking the lead on the crypto betting platform, Polymarket. Right now, MAGA is trading at $4.37, with a market cap of $201.1 million. According to Polymarket, Trump has a 52.6% chance of winning the election on November 5, while Kamala Harris is at 46.7%.

Earlier this year, Trump made crypto a part of his campaign. He argued that the U.S. should revive its digital asset industry to become the "crypto capital of the planet." He also backed the launch of his crypto platform, World Liberty Financial (WLFI), although details about it are still unclear.

However, some experts believe the election's outcome may not greatly impact the future of cryptocurrency. Arthur Hayes, the founder of BitMEX, recently stated that no matter who becomes president, increased government spending and dollar debasement are likely. This situation would ultimately benefit Bitcoin (BTC) and other digital assets.

Hayes said, "Once that’s settled, then it’s off to the races. Whoever wins the election is going to print money. Donald Trump’s going to cut taxes, Kamala Harris is going to increase welfare payments, but both sides agree that the government needs to expand its spending. So, as crypto holders, we don’t really care what they spend the money on…”

Matthew Sigel, head of digital assets at VanEck, also mentioned that both Kamala Harris and Donald Trump have positive views on Bitcoin. He noted that both candidates will likely maintain or increase fiscal spending, which could lead to more quantitative easing (QE). Historically, this trend has been good for the cryptocurrency market.