Key Points
- MAGA crypto has surged by 33% in the past seven days, outperforming Bitcoin which rallied about 6%.
- The US election outcome could trigger another wild run for MAGA crypto.
The performance of MAGA crypto, a memecoin, has been impressive, outpacing Bitcoin’s [BTC] growth by a significant margin. In the last week, MAGA has seen a 33% increase, while BTC has seen a roughly 6% increase.
The future of MAGA crypto, however, is heavily dependent on the outcome of the US election. The coin has benefited from former President Trump’s rising odds of winning, and a Trump victory could potentially lead to a significant rally for the coin.
US Elections and MAGA
According to prediction site Polymarket, Trump’s odds of winning are currently at 66%, with Kamala Harris at 34%. These odds have led to an increase in interest and investment in MAGA crypto, with whales placing large bets on a Trump win.
Should Trump win the election, trading firm QCP Capital believes that Bitcoin and other cryptocurrencies could benefit more than US equities. They 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’s Future Price Levels
The social volume for MAGA has reached a two-month high, indicating strong interest in the coin. However, sentiment has dropped into negative territory, indicating short-term caution.
MAGA is currently valued at $4.3, but a surge could push it towards $12, a key resistance level. This could potentially trigger a 200% rally. However, if Trump does not win the election, the value of MAGA could drop to zero, making the next week critical for the future of the coin.