Elon Musk, the CEO of SpaceX and Tesla, recently made waves at a Donald Trump rally in Butler, Pennsylvania. Sporting a distinctive ‘Make America Great Again’ cap, Musk declared himself as ‘Dark MAGA’, sparking interest across the crypto community. This declaration coincided with a notable 7% surge in the price of MAGA, a cryptocurrency linked to Trump’s political brand.

At the rally, held at a site previously marked by an assassination attempt on Trump, Musk captured the audience’s attention with his bold statement: “As you can see, I’m not just MAGA, I’m dark MAGA.” This endorsement resonated strongly with investors, as the MAGA token price jumped to $3.24, accompanied by a 37% increase in trading volume.

The ripple effect extended to other Trump-related cryptocurrencies. BABYTRUMP Coin, a humorous meme token, saw a 9% increase in 24 hours. Meanwhile, TrumpCoin (DJT), operating on the Solana blockchain, experienced a significant 20% price increase and a massive 466% surge in trading volume over the same period.

Musk has been vocal about his support for Trump, emphasizing the critical nature of the upcoming U.S. election. He stated, “President Trump must win to preserve the Constitution. He must win to preserve democracy in America. This is a must-win situation.” The Tesla CEO’s endorsement has seemingly boosted Trump’s election odds, with polymarket data showing Trump leading at 50.6% compared to Kamala Harris at 48.7%.

The crypto market has historically been sensitive to political events and influential figures’ statements. Musk’s declaration at the Trump rally could potentially impact October’s crypto markets, especially considering the anticipation of ‘Uptober’, a month typically marked by bullish movements in the crypto space.

As the U.S. election approaches, the intersection of politics and cryptocurrency continues to evolve, with figures like Elon Musk playing a significant role in shaping market sentiment and potentially influencing asset prices through their vast social media following and perceived visionary insights.