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Meme coins and political tokens (Politifi) soared, reigniting hopes for a potential Uptober bull run in the crypto market.
The market capitalization of Politifi tokens surged more than 19% in the past 24 hours to hit $777.49 million, according to CoinGecko. At the same time, meme coins saw a 9% rise in their market cap, marking a notable recovery and driving optimism among investors.
Trump-Themed Tokens Soar After Elon Musk Campaign Appearance
Among the political tokens that saw their prices increase were cryptos linked to the former US president and Republican Party nominee, Donald Trump. This comes after tech billionaire Elon Musk spoke at a rally for the presidential candidate’s campaign in Butler, Pennsylvania.
Watch How PUMPED Elon Musk Gets When Donald Trump Invites Him to Speak on Stage
He’s literally jumping for joy.
Trump announced, “His name is @ElonMusk! He saved free speech. He created so many different great things. Where is he? Come on up here, Elon.”
“He created the first… pic.twitter.com/odxFucalGj
— The Vigilant Fox (@VigilantFox) October 5, 2024
Musk received quite the welcome at the rally from Trump.
“He saved free speech. He created so many different great things,” Trump said. “He created the first major American car company in generations. And his rocket company is the only reason we can now send American astronauts into space.”
Following Musk’s appearance, MAGA, MAGA Hat and Doland Tremp all recorded impressive price increases in the last 24 hours. MAGA surged over 29%, while MAGA Hat and Doland Tremp pumped 46% and 20%, respectively.
Meme Coins Pump As Traders Say Uptober Is Finally Here
MOO DENG (MOODENG) led meme coins in their strong 24-hour performance after the crypto surged more than 129%. Keyboard Cat (Base) and SPX6900 followed, with their prices rising 73% and 68%, respectively.
UPTOBER IS HERE pic.twitter.com/PZdP3Le7Hn
— borovik (@3orovik) October 7, 2024
Overall, the crypto market cap increased by more than 1%. Despite the minor uptick recorded by the rest of the market, several traders and analysts are saying Uptober has returned.
Presale tokens are also benefitting from the upswing with layer-2 meme coin Pepe Unchained (PEPU) close to raising $18 million in one of the most successful ICOs of the year.
Another new project showing strong momentum is Crypto All-Stars (STARS), which has just past $2 million in funds raised.
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