Elon Musk at a rally in support of Donald Trump. Memecoin MAGA responded with rapid growth!

Although the owner of the X portal clearly showed his own political views in his tweets, he did it publicly on October 6. Elon Musk, a famous billionaire and innovator, appeared at a rally in support of Donald Trump on October 6, 2024 in Butler, Pennsylvania. Musk’s speech, as well as his public support for Trump, had a direct impact on the market, especially in the memecoin world. This turned out to be particularly important for the MAGA memecoin, associated with Trump’s political movement, which rapidly gained in value after Musk showed up at a rally wearing a distinctive cap with the inscription “Make America Great Again”.

Elon Musk as a defender of constitutional values

Butler, located in northwestern Pennsylvania, is a town known for its conservative community views and strong support for Donald Trump. It was here that Elon Musk delivered his speech, in which he firmly emphasized that the upcoming presidential elections in 2024 are the most important in the history of the United States.

Musk has repeatedly stressed that the outcome of this election will have a huge impact on the future of the country, noting key rights that may be at risk, such as freedom of speech, the right to bear arms and the right to a fair and effective vote. He also criticized the lack of ID requirements to vote in many states, which he considered a serious threat to the transparency of the electoral process.

Moreover, Elon Musk called on his supporters to actively participate in the elections, noting that voter registration is crucial to the result and that a small number of votes can decide the future of the country. He ended his speech with an impassioned appeal: “Vote, vote, vote, fight, fight, fight!” – which was met with great enthusiasm from the audience. It is worth adding that Elon Musk’s speech itself attracted attention because he wore a characteristic MAGA hat, which, however, stood out because of its black color. Musk’s statement that these may be the last free elections in US history was also very intriguing, which excited the audience gathered at the rally.

How did the MAGA memecoin react to Musk’s speech?

Cryptocurrency markets, especially those related to memecoins, did not remain indifferent to the show that Elon Musk put on at the support rally. His support for Trump, especially his appearance in his iconic MAGA hat, sparked an immediate market reaction. Memecoin MAGA, which was created as a cryptocurrency response to the popularity of Donald Trump and his political movement, has seen a rapid and significant increase in value. In 24 hours it was an increase of 15.4%, while on a weekly basis, memecoin MAGA increased by 49%. It gets even more interesting when we look at the MAGA situation over two weeks, because it increased by as much as 128%.

The market reacted violently to the gesture of Musk, who is not only one of the most important influencers in the world of technology and cryptocurrencies, but also known for being able to influence token quotations with his actions and statements. This situation was not the first time Elon Musk played a key role in the sudden increase in the value of a specific cryptocurrency.

Politics, cryptocurrencies and the future of the memecoin market

The phenomenon of memecoins like MAGA related to political events is becoming more and more visible. In 2024, as politics and cryptocurrencies increasingly intertwine, the market reacts immediately to important events. Elon Musk’s speech during the Trump rally and the immediate increase in the value of the MAGA memecoin show how closely connected these two spheres are.

Memecoin MAGA, based on Donald Trump’s symbolism and slogans, reflects the growing role of cryptocurrencies in political campaigns and their ability to mobilize communities in real time. As the elections approach, we can expect events such as public speeches to have an increasing impact on the cryptocurrency market, especially in the context of memecoins, which derive their popularity from direct references to the world of politics.

Elon Musk at a rally in support of Donald Trump not only influenced public opinion, but also caused an immediate effect on the cryptocurrency market. Musk, using his popularity and involvement in cryptocurrencies, once again showed how powerful a tool the combination of politics and technology can be in the Web3 era.