Donald Trump-themed meme coins saw notable gains on Aug. 12 as traders eagerly awaited a significant interview on X with Elon Musk. The Dark Maga (DMAGA) token rose by 15%, while MAGA Hat (MAGA) surged by nearly 50% to $0.00007737, marking its highest point since Aug. 7. Similarly, MAGA increased by 12.7% to $3.56, pushing its market cap to over $161 million. MAGA: Fight for Trump (TRUMPCOIN) also jumped by almost 30%, elevating its valuation to $8.1 million.

These gains come ahead of an X (Twitter) interview between Elon Musk and Donald Trump, the Republican presidential candidate. Traders expect the discussion to touch upon cryptocurrencies. A Polymarket poll indicates that Trump is likely to mention MAGA and crypto during the interview.

This is unscripted with no limits on subject matter, so should be highly entertaining!

Elon Musk has been a long-time advocate of digital currencies and is credited with popularizing Dogecoin. His company, Tesla, is the third-largest Bitcoin holder in corporate America, after MicroStrategy and Marathon Digital, with a stake of 9,720 coins worth over $544 million.

Donald Trump has also shown significant support for the industry. Reports indicate he owns tokens worth $3.4 million, including Ethereum, wETH, and Trog. In a recent statement, Trump committed to being the most pro-Bitcoin president in the US. He promised that his administration would maintain its 213,200 BTC holdings and pledged to remove Gary Gensler as the head of the Securities and Exchange Commission.

Recent polls show a tight race between Trump and his rival candidate Kamala Harris. Polymarket has Harris leading with a 52% chance compared to Trump’s 42%. Other polls indicate that the candidates are neck and neck in key states that will determine the final outcome.

Historically, cryptocurrencies tend to rally ahead of major events, as seen before Trump’s speech at the recent Bitcoin Conference in Nashville. However, there is a risk that MAGA, Trumpcoin, and Trump-themed tokens could see a decline during and after the interview if investors decide to sell the news. This scenario often occurs when investors purchase an asset before a significant event and then sell it off once the event takes place.

Looking ahead, these tokens will also react to the upcoming US inflation report, which will influence the Federal Reserve’s interest rate decision in September. A lower inflation report would be beneficial to meme coins and other cryptocurrencies.

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