Tesla CEO Elon Musk and Justin Sun of Tron have endorsed Donald Trump for President after a failed assassination attempt on him on July 13. This came to light in the middle of a crucial time putting a different spin on the presidential election.
Donald Trump, having survived the assault, received immediate endorsements from these influential figures in the tech and crypto sectors.
Musk declared his support for X and sent his get-well-soon wishes to Trump. Soon, Justin Sun followed this gesture on the same platform and endorsed Trump as a good candidate for the future of the crypto market.
Crypto Community’s Response to Political Developments
The response has been rather noticeable considering that these endorsements may affect the political stance of the crypto industry. Long considered as non-partisan, this is a clear shift where leading personalities within the crypto sphere are backing a presidential candidate.
These endorsements have also sparked action in the cryptocurrency market. As a result of the news, the value of Bitcoin rose by 2.17 percent, while the value of Ethereum rose by 1.07 percent.
Also, MAGA (TRUMP) the memecoin associated with the former president of the United States, Donald Trump, rose by more than 50%. The MAGA (TRUMP) cryptocurrency surged, hitting a high of $10 before trading at $7.97 at the time of writing.
The trading volume of MAGA (TRUMP) was up with a 1940.27% increase in the payments’ volume which reached $65,186,894. The increase in trading volume is due to the growing interest in the token influenced by recent events.
Moreover, The market capitalization increased by 24.99% to about $350,653,758, due to the trading activity of MAGA (TRUMP) in the market.
Impact on the Presidential Race
The timing of these endorsements could influence the future of the elections. Betting markets and political analysts have shifted their predictions though the election is still months away. A survey on Polymarket places the probability of Donald Trump becoming president at 71% and Joe Biden at only 17%.
The broader implications of these endorsements extend beyond immediate political support, affecting voter sentiment. The vocal support from prominent figures like Musk and Sun encourages other leaders in the tech and finance sectors.
The impact of these endorsements influences the voters’ perception. Moreover, the backing personalities like Musk and Sun create a positive environment pushing other executives in the tech and financial industries.
