- Donald Trump-themed tokens rallied after he announced an upcoming interview with Elon Musk.
- MAGA, STRUMP and TREMP among major gainers following the announcement.
- Crypto community expressed surprise as Democrat nominee Kamala Harris picked potential crypto-hostile candidate Tim Walz as running mate.
PolitIFi meme coins, themed after Republican nominee Donald Trump experienced gains on Tuesday following a series of events around the upcoming presidential race, including an interview with Tesla and SpaceX CEO Elon Musk slated for August 12. Meanwhile, the Democrat ticket of Harris and Walz has stirred criticism from some crypto community members with speculations that the Minnesota governor may be anti-crypto.
MAGA, STRUMP and TREMP tokens up amid DJT dump on investors
PolitiFi tokens named after Republican presidential nominee Donald Trump began to rally earlier today following an announcement that the former President will have an interview with Tesla billionaire Elon Musk on August 12.
The interview details are yet to be disclosed, but it follows Musk's public endorsement of Trump as his presidential choice. Members of the crypto community claim that this move is highly instrumental for the Trump campaign, which has remained largely pro-crypto in the past few months.
The announcement triggered a brief rally among several Trump-themed tokens, including STRUMP, which has surged 16%; TREMP, which has rallied 4%; and MAGA, which rose 6%.
The surge across Trump-themed tokens may signify the crypto community's support for the former President.
Meanwhile, crypto prediction market Polymarket revealed that users still hold a high position on Trump winning the election in November. Odds still have Trump at a 52% win, while Harris is behind at 46%.
This follows Vice President Kamala Harris choosing Minnesota Governor Tim Walz as her running mate for the upcoming presidential elections. Walz has been a major player in the party's election decisions but has allegedly held a strong stance for strict crypto regulations, noted VanEck’s Head of digital assets Matthew Sigel.
VP Pick Governor Tim Walz of MN has advocated for stricter crypto regulations to ensure the financial system’s security & stability & protect consumers from potential fraud & abuse.
— matthew sigel, recovering CFA (@matthew_sigel) August 6, 2024
In other news, the DJT token plummeted over 91% in the past 24 hours, after an insider with over 20% of its supply dumped its holdings on the market. The token's creator Martin Shkreli had alleged that Donald Trump's son, Barron Trump, was involved in the project, but the former President's son didn't confirm the claims.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
President Trump's memecoin leads crypto unlock with incoming supply pressure of over $320 million
Official Trump, launched by President Trump, will unlock over $320 million worth of its tokens to team members next week despite the dominant risk-off sentiment across the crypto market.
Bitcoin and crypto market sees recovery as Fed official says agency ready to stabilize market if necessary
Bitcoin rallied 5% on Friday, trading just below $84,000 following Susan Collins, head of the Boston Federal Reserve, hinting that the agency could stabilize markets with "various tools" if needed.
Bitcoin, Ethereum and XRP steady as China slaps 125% tariff on US, weekend sell-off looming?
The cryptocurrency market shows stability at the time of writing on Friday, with Bitcoin holding steady at $82,584, Ethereum at $1,569, and Ripple maintaining its position above $2.00.
Bitcoin, Ethereum, Dogecoin and Cardano stabilze – Why crypto is in limbo
Crypto traders are digesting US President Donald Trump’s Liberation Day announcements last week, the tariff truce declared on Wednesday and the worsening situation with China, as the industry wraps one of its worst weeks in terms of price swings.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.