This is why Trumpcoin, MAGA and Trump tokens are on the rise

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

MAGA token (TRUMP) rose 46% to $3.88 while MAGA Hat (MAGA) gained over 13.2%. Trumpcoin (DJT) rose 10% to $0.000154.

This demonstration coincided with the increasing likelihood that Donald Trump could win the general election. According to MultimarketThe likelihood of him returning to the White House now stands at 54%. Meanwhile, his rival Kamala Harris's odds have fallen to 46%. This marks a significant shift, as she had been leading for a while amid positive press coverage.

Meanwhile, Kamala Harris-themed coins suffered sharp declines: Kamala Harris (KAMA) fell by 25%, reducing its market cap to $5.6 million.

Trump's growing chances came after rumors circulated that Robert Kennedy Jr. might drop out and support him for president. If Kennedy's supporters switch their allegiance to Trump, he could gain an advantage in key states and win over independent voters.

Harris has faced criticism for her economic plan, which she unveiled last week. Her plan includes price controls, tax increases and more public housing. Most economists We believe that these measuresLegislative reforms, particularly price controls and tax increases, would struggle to pass in a divided Congress.

Trump's three coins also rose while bitcoin (btc) held above $61,000 ahead of the upcoming Jackson Hole Symposium. in Wyoming.

<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter“>

The future of Trump meme coins is unclear

Despite the jump on August 22, politically themed tokens have been on a strong downward trend, with their combined market cap now at over $591 million.

MAGA, the leading political coin, has seen its market cap fall from $775 million to $180 million. The valuation of MAGA Hat 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 until the general election as traders react to potential events.

These coins can also perform well if bitcoin recovers and surpasses its all-time high. Historically, meme coins tend to perform well when bitcoin is in an uptrend.

Factors that could boost the price of bitcoin include potential rate cuts by the Federal Reserve, a weaker US dollar and the current rally in the stock market. bitcoin is often correlated with US stocks, meaning it could add to the current rally.