- Donald Trump and Elon Musk held a live chat, during which they didn’t mention the word crypto or Bitcoin, causing a massive sell-off in Trump-centric memecoins.
- Polymarket saw a vast amount of volume, nearly US$5M, on words Trump could say during the interview.
- “Crypto” was the most heavily wagered word with nearly US$850K. It wasn’t mentioned even once, leading to significant losses for users.
- The word tampon was mentioned, giving some lucky traders a huge return on their bets.
US presidential candidate Donald Trump held a live chat with X CEO Elon Musk, and surprisingly, they didn’t mention crypto at least once, causing several Trump-inspired memecoins to sell off en masse.
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In Polymarket, users placed nearly US$5M (AU$7.54M) on words that Trump could say during the interview.
Trump and Musk discussed several topics, including the assassination attempt, illegal immigration, the Biden-Harris Administration, the MAGA movement, and even Venezuela’s 2024 elections in July. But crypto wasn’t mentioned even once.
What’s even crazier is that Polymarket users created eleven markets with specific words that the former president could use, and MAGA and Crypto saw the most volume. However, for some reason, the word “Tampon”, which had US$840K (AU$1.267M) in bets, was mentioned, but not Bitcoin.
By the moment Trump said MAGA, odds in Polymarket were 59%, so bettors who wagered at the time stood to gain under double their bets.
Given the word crypto had the most money, those who bet on it saw the most significant losses. The chances went from 65% to zero over the course of the interview.
Interestingly, the word tampon went from 7% chance to 100% when Trump mentioned it, giving some lucky traders not 2x but over 10x returns on their bets. One bettor named bama124 won over US$1.3M (AU$1.96M) for guessing the correct words on Polymarket.
MAGA Tokens Plummet
The disappointment spilled over to Trump-related tokens. MAGA (TRUMP) dropped 8.18% on the daily timeframe and is currently trading at US$3.17 (AU$4.78), with trading volumes plunging nearly 40% in 24 hours.
Related: Solana DEX Volume Plunges 72% Amid Decreasing Interest for Memecoins
Meanwhile, Dark MAGA (DMAGA), which soared 116.4% in the last two weeks, is now down 34.1%, losing a good chunk of its gains. Likewise, the popular memecoin Doland Tremp (TREMP) dropped almost 5%.
One thing to note is that the crypto market is unmentioned during mainstream events. The topic wasn’t mentioned in the first presidential debate in June as well. However, Bitcoin and crypto continue to be political instruments for both Democrats and Republicans.
Source:
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