Elon Musk Stuns Market by Attending Donald Trump Rally, Dark MAGA Meme Coin Jumps 227%

Tech billionaire Elon Musk attended a rally for Republican candidate Donald Trump on October 5, stirring significant market reactions, especially among meme coins linked to the former president.

Tech billionaire Elon Musk attended a rally for Republican candidate Donald Trump on October 5, sparking strong market reactions, particularly among meme coins linked to the former president.

The event took place in Butler, Pennsylvania, at the site of an attempted assassination of Trump in July.

Musk, the owner of social media platform X, arrived at the rally wearing a black blazer, an “Occupy Mars” shirt, and a black MAGA hat. His appearance marked a key moment in his growing political involvement in the upcoming US November elections.

Observers noted that Musk’s attendance at the rally highlights his strengthening ties with Trump. Trump had earlier mentioned that he would appoint Musk to head a government efficiency commission if re-elected. Meanwhile, Musk has been a prominent supporter of Trump, even hosting the former president on a live X Space session in August.

At the rally, Musk encouraged the crowd to register and vote in November, calling it “the most important election of this lifetime.” He stressed the urgency by urging attendees to get others involved in the voting process.

During his speech, Musk mentioned Dark MAGA, a meme coin inspired by Trump. Following his remarks, Dark MAGA’s price surged by 227%, reaching approximately $0.0073. Other meme coins also saw gains. MAGA (TRUMP) rose 3%, Doland Tremp (TREMP) spiked 10%, and Super Trump (STRUMP) increased 5%.

“As you can see, I’m not just MAGA. I’m dark MAGA,” Musk stated.

This rally in meme coins comes as election odds on platforms like Polymarket shift, indicating a close contest between Trump and Vice President Kamala Harris.

According to Polymarket, Trump has a 50.4% chance of winning, while Harris’s odds are 48.5%. This marks the closest contest the platform has seen since mid-September, highlighting the uncertainty in the upcoming election.

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