- MAGA crypto has outperformed BTC as Trump’s winning odds surged.
- The US election outcome will determine whether MAGA crypto survives or not.
Although Bitcoin [BTC] has been one of the most tracked ‘Trump trade’ given the former president’s rising odds of winning the US election, other coins like MAGA crypto have also benefited.
The memecoin surged by 33% in the past seven trading days, outperforming even BTC, which rallied about 6% over the same period.
However, if the US election outcome turns out as prediction sites like Polymarket were projecting, then MAGA and the related coins could explode into a wild rally.
US elections vs MAGA
As of press time, Polymarket’s odds of Trump winning stood at 66%, against Kamala’s 34%. With several models and prediction sites pointing to higher chances of a Trump win, such an outcome could trigger another wild run for MAGA crypto.
Source: Polymarket
The above high conviction has remained large, with whales placing million-dollar bets on Trump’s likely win.
Interestingly, the markets seemed to be leaning towards the same scenario painted by prediction sites.
According to trading firm QCP Capital, BTC and crypto could benefit more than US equities if Trump wins the elections. The firm stated,
“Rising odds of a Trump victory have bolstered both stocks and Bitcoin. We believe BTC is particularly well-positioned to benefit in the medium term compared to equities.”
MAGA key price levels
If so, MAGA and related coins like DJT could explode, too, and even outperform BTC again.
At press time, social volume for MAGA had hiked to a two-month high, indicating strong traction and interest in social media channels. This traction could boost MAGA’s price prospects.
However, the sentiment dropped to the negative territory, indicating market’s short-term caution on the memecoin.
Source: Santiment
MAGA was valued at $4.3 on the price charts at press time. However, an explosive move could push towards $12, a July and bearish order block that might act as a key resistance and roadblock. If so, that could trigger a 200% potential 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
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