Trump Memecoins Pump After Elon Musk's Pennsylvania Speech – Did Tech Mogul Promote $DMAGA?

Political memecoins based on Republican presidential candidate Donald Trump pumped Sunday after tech billionaire Elon Musk took the stage beside the GOP frontrunner in a 5-minute speech that started with "Dark MAGA."

Musk joined Trump in his Butler, Pennsylvania, rally Saturday, in the same site where the former president survived an assassination attempt back in July. The tech mogul wore a "Make America Great Again" cap as he urged Americans to deliver the November victory for Trump.

Pennsylvania is a key battleground state in this year's elections. Political experts have said that among other swing states, the Keystone State can make or break the upcoming election.

Did Musk Just Promote $DMAGA?

"As you can see I am not just MAGA – I am Dark MAGA," the SpaceX founder said at the beginning of his speech. It is unclear if he was referring specifically to the Dark MAGA (DMAGA) memecoin, which has seen an over 32% decrease in the last 24 hours but has been rallying by more than 200% in the last seven days.

In a statement following Musk's speech, the team behind the Dark MAGA coin said they communicated "directly with Elon a second time" before the tech titan attended Saturday's rally.

"He agreed that supporting the Dark MAGA movement to re-elect Trump was important to show people how serious this election is. Elon chose to collaborate with us again, wore the Dark MAGA hat, and gave us a shout-out in full support," the team wrote.

Notably, Musk said in July that he will not promote cryptocurrencies, "at most in a joking way." It's unclear whether his stances have changed since then, considering how many in the crypto space have aired support for Trump in recent months.

Key Takeaways from Musk Speech

The Tesla CEO's speech was welcomed by a Trump crowd, who cheered as the former president called in "one of the people who's going to help us build this incredible future."

• An Extraordinary Election – The tech visionary noted that this year's election "is no ordinary election." Indeed, the lead-up to the Nov. 5 election has been extraordinary, especially for crypto users, whose voices – seemingly for the first time since Bitcoin first entered the economy – are now being heard by many politicians.
• Free Speech and Democracy – Musk reiterated that "free speech is the bedrock of democracy." He said people need to know what's going on, and they need to know the truth so they can make "an informed vote." He said Trump should win the presidency so democracy in the U.S. can be preserved. "This is a must-win situation," he said with urgency.
• The Last Election – The X owner said that if Americans fail to vote this year, "this will be the last election." He followed up his warning with a call to the crowd to remember that every vote counts.

Trump-Themed PolitiFi Tokens Soar

The Butler rally's electric atmosphere appears to have affected many Trump-based PolitiFi (political finance) memecoins, including MAGA (TRUMP), the world's second-largest political token by market value, which increased by over 19% in the last 24 hours, as per CoinGecko data.

MAGA Hat (MAGA) climbed by more than 32% overnight since the rally, and Doland Tremp (TREMP) pumped by 37.3%. MAGA Again (MAGAA) rallied by 15.2% in the past day, Fight to MAGA (FIGHT) was up by nearly 11%, and even Vice President Kamala Harris-based Kamala Horris (KAMA) soared by over 35%.

Many other Trump-themed political coins were in the green from Saturday through Sunday night, but Pepe Trump (PTRUMP) was the largest gainer, adding nearly 53% in the last 24 hours.

Musk has since changed his profile picture on X with a photo of him wearing the "Make America Great Again" cap at the Butler rally.