The MAGA cryptocurrency has outperformed BTC as Trump’s odds of winning soar. The US election results will determine whether the MAGA crypto survives.
Bitcoin (BTC) is one of the most tracked “Trump trades” given the growing likelihood of the former president winning the US election, but other coins such as the MAGA crypto also benefit is receiving.
Memecoin has surged 33% in the past seven trading days, outpacing BTC, which has risen about 6% in the same period.
However, if the US election results go as predicted by prediction sites like Polymarket, MAGA and related coins could explode.
US election vs MAGA
As of this writing, the polymarket gives Trump a 66% chance of victory, compared to Kamala’s 34%. Several models and prediction sites point out that Trump is likely to win, and such an outcome could cause further volatility in the MAGA cryptocurrency.
Source: Polymarket
Confidence remains high, with whales placing multi-million dollar bets on Trump’s chances of victory.
Interestingly, the market seemed to be leaning towards the same scenario as the prediction sites portray.
According to trading firm QCP Capital, BTC and cryptocurrencies could benefit more than US stocks if Trump wins the election. The company stated:
“The increased probability of a Trump victory has driven both stock prices and Bitcoin higher. We believe BTC is particularly well-positioned to profit in the medium term compared to stocks.”
MAGA MAJOR PRICE LEVELS
If that happens, related coins such as MAGA and DJT will rise explosively and may even outperform BTC again.
At the time of writing, MAGA’s social volume has increased to a two-month high, indicating strong traction and interest in social media channels. This traction could boost MAGA’s price outlook.
However, sentiment declined to negative territory, indicating the market’s short-term caution towards meme coins.
Source: Santiment
At the time of writing, MAGA was valued at $4.3 on the price chart. However, an explosive move could push it towards the July bear order block at $12, which could act as a key resistance or obstacle. If so, that could cause a potential upside of 200%.
However, if Trump does not win, MAGA could even drop to zero. This makes next week a pivotal moment for MAGA and related political meme coins.
Source: MAGAUSDT, TradingView
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