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Elon Musk and Justin Sun have endorsed Donald Trump following a recent assassination attempt. This endorsement from Tesla and Tron leaders emphasizes the significant role of cryptocurrency in political spheres.
Musk and Sun's Political Move
Elon Musk, CEO of Tesla, and Justin Sun, founder of Tron, have both officially endorsed Trump, the previous president of the United States, for president. An attempt on Trump's life occurred on July 13, and this endorsement follows on the heels of that.
According to Coingape, many believe that the forthcoming election is the first time crypto alignment could have a significant impact. During his campaign, Donald Trump narrowly escaped a 20-year-old assassination attempt. Despite all the upheaval, the market has shown remarkable resilience. The industry's support for Donald Trump is evident in this pattern.
Market Response to Endorsement
Bitcoin is now worth $59,659, an increase of almost 1.77% from its previous price. With a 1.07% increase to $3,184, Ethereum (ETH) is now the altcoin market leader in its rebirth. Memecoin MAGA (TRUMP), owned by Donald Trump, saw a 50% spike, reaching $8.27 as of writing.
The retail market may have spoken loud and clear, but so did prominent figures in the business world. Elon Musk wished Trump a quick recovery and tweeted on X that he supports Trump:
The post was also posted by Justin Sun, the founder of Tron, on X:
Forecasting Trump's Chances
When put in context with the critical balancing act the Biden administration is attempting to implement in order to win over crypto voters, this position becomes questionable. Even though we still have a ways to go before the election, the odds of Donald Trump being president again have increased to 71% on Polymarket, compared to Joe Biden's 17%.
The predictions typically highlight the crypto market mood, but this is only the opinion of forecasters who might or might not cast a ballot in the election.
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