Donald Trump-themed cryptocurrencies surged on Aug. 21 as his odds of winning the election increased and as Bitcoin held steady above $60,000.

MAGA Token and Other Trump-Themed Cryptos See Significant Gains

MAGA token rose by 46% to $3.88 while MAGA Hat increased by over 13.2%. Trumpcoin jumped by 10% to $0.000154.

This rally coincided with rising odds that Donald Trump might win the general election. The likelihood of a return to the White House now stands at 54%. Meanwhile, rival Kamala Harris’s odds dropped to 46%, marking a significant reversal as she had been leading for a while amid positive press coverage.

Kamala Harris-Themed Coins Decline

Kamala Harris-themed coins saw sharp declines, with Kamala Horris dropping by 25%, bringing its market cap down to $5.6 million.

Trump’s rising odds followed rumors that Robert Kennedy Jr. might step down and endorse him for the presidency. If Kennedy’s supporters shift their allegiance to Trump, he could gain an advantage in key battleground states and win over independent voters.

Bitcoin’s Stability Supports Trump Coins

The three Trump coins also rose as Bitcoin held above $61,000 ahead of the upcoming Jackson Hole Symposium in Wyoming.

BTC – daily chart analysis

My target for this chart is $68,000. My second target and I believe this chart should be bookmarked to All Time Highs.

Despite the jump on Aug. 21, political-themed tokens have been in a strong downtrend, with their combined market cap now at over $591 million.

Market Cap Trends

MAGA, the largest political coin, has seen its market cap drop from $775 million to $180 million. MAGA Hat’s valuation has fallen from over $200 million to $24 million, while Doland Tremp has plummeted from $136 million to $13 million.

What is clear, however, is that these tokens will likely remain highly volatile leading up to the general election as traders react to potential events.

Bitcoin’s Influence on Meme Coins

These coins may also perform well if Bitcoin stages a comeback and moves above its all-time high. Historically, meme coins tend to do well when Bitcoin is in an uptrend.

Factors that could push Bitcoin higher include potential Federal Reserve rate cuts, a weaker US dollar, and the ongoing stock market rally. Bitcoin often correlates with US equities, meaning it could join the ongoing rally.

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