As a seasoned crypto investor with a knack for spotting trends and a keen interest in politics, I find myself intrigued by the recent surge of Dark MAGA (DMAGA). The meme coin’s meteoric rise following Elon Musk’s appearance at a Trump rally is a testament to the power of social media influence and political affiliations in shaping the crypto market.
Elon Musk’s appearance at a Donald Trump rally in Butler, Pennsylvania on Saturday inspired a massive rally in the Dark MAGA meme coin after the X.com owner told those in attendance that the election was a “must-win situation.”
Musk, donning a black “Make America Great Again” cap, clarified to the audience that he’s more than just a supporter of this movement; he identifies as a ‘dark MAGA’.
The Dark MAGA (DMAGA) meme coin subsequently jumped over 316% ever since.
The rally marked Trump’s initial appearance in Butler since his survival of the July assassination attempt. Not long after the shooting incident, Musk voiced his support for Trump, commending his reaction to the attack.
As of that moment, President Joe Biden was yet to secure another term in office through re-election. However, he withdrew from the presidential contest on July 21 and instead offered his support for Vice President Kamala Harris as the Democratic Party’s candidate.
What is Dark MAGA?
The “Dark MAGA” coin is among several unconventional digital currencies that have appeared recently, apparently influenced by Donald Trump, who initially doubted cryptocurrencies but now enthusiastically endorses them.
The name it bears originates from a set of “Dark MAGA” internet jokes created in 2024, where Republican candidate Trump was depicted as a vindictive and authoritarian figure, frequently illustrated with laser eyes. This was an adaptation of the “Dark Brandon” meme, which sprang up earlier as a humorous pro-Biden satire, presenting the president with red laser eyes.
Essentially, “Dark Brandon” is a play on words from the phrase “Let’s go, Brandon!”, which was initially used critically by Trump supporters to criticize President Biden. However, it has been ironically adopted by Biden supporters and reinterpreted as a symbol of his achievements. In this new context, “Dark Brandon” is seen as an affirmation of Biden’s successes, effectively flipping the original satirical meaning.
But Musk’s embracing of Dark MAGA seemed to be in earnest.
‘Dark MAGA’: Elon Musk’s voice reveals clear frustration. He fears that the chances of receiving significant tax reductions are decreasing. If anyone doubts that the wealth-focused tycoon isn’t fully supporting a Trump authoritarian regime, they should listen to this.
— Bill Madden (@maddenifico) October 5, 2024
Musk flips the script
After Trump brought Musk onto the stage, the CEO of Tesla jumped up a few times as the crowd applauded enthusiastically.
In simpler terms, Musk encouraged the audience to cast their votes, and he emphasized during his speech that “if Trump doesn’t win in November, this could very well be our final election.
Musk appeared to be countering Trump’s detractors by highlighting instances of potential authoritarian behavior in Trump, which they frequently use to express worries about the future state of American democracy under his leadership.
Beyond his effort to reverse the outcome of the 2020 election, Trump exerted pressure on state officials, including Georgia’s Secretary of State, urging them to locate enough votes that would affirm him as the victor. The impeached president twice over also openly admires authoritarian leaders, specifically Russian President Vladimir Putin and North Korea’s Kim Jong-un.
Musk, Trump bromance
Dark MAGA isn’t the first satirical cryptocurrency inspired by the Musk/Trump alliance. Recall how the so-called Department of Government Efficiency (DOGE) coin surged after Musk tweeted his desire to lead a government efficiency commission if Trump is re-elected.
Since then, the meme coin’s value has fallen off a cliff.
Meanwhile, political polls show a tight race between Harris and Trump.
On Friday evening, according to an average maintained by The Hill/Decision Desk HQ, Harris was ahead of Trump by approximately 3.4 points in the nationwide polling.
As a researcher, I’ve observed an interesting dynamic in this election campaign. Not only have both candidates reached out to influential figures, but a notable group that has shown support for President Trump’s re-election includes billionaires such as myself, Elon Musk, Peter Thiel (PayPal co-founder), the Winklevoss twins, and casino magnate Steve Wynn.
Laurene Powell Jobs (wife of Apple’s co-founder Steve Jobs), Reid Hoffman (co-creator of LinkedIn), Governor JB Pritzker of Illinois, and Mark Cuban (minority owner of the Dallas Mavericks NBA team) have all voiced their support for Harris.
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2024-10-06 16:42