Republican presidential candidate Donald Trump and billionaire Elon Musk reportedly discussed crypto policy, much to the pleasant surprise of investors.
The news came on the heels of reports that Musk could receive an advisory role in the Trump administration if the former president were to be re-elected.
While Elon rejected the claims of discussing crypto policy with Trump, he did praise the industry, claiming that it has the potential to shift the power to the people. Musk also did not deny the claims that he could be in the talks to receive an advisory role in the Trump admin.
5 Cryptocurrencies That Will Benefit The Most From Elon Musk’s Involvement In The Trump Admin
Elon Musk’s relationship with the crypto market has been complex. Initially, Musk was not a fan of most crypto assets, including Bitcoin, stating that the largest cryptocurrency posed a threat to the environment.
Musk’s EV venture Tesla also stopped accepting Bitcoin payments in May of 2021 citing concerns regarding its energy consumption.
However, Elon has been lately coming around to being a Bitcoin bull, especially now that over 50% of BTC’s energy consumption comes from renewable energy sources.
Of course, the billionaire remains the biggest supporter of Dogecoin, which he claims to be the people’s cryptocurrency.
We list the 5 cryptocurrencies that will benefit the most if Elon Musk receives an advisory role in the Trump administration.
Dogecoin ($DOGE)
It should be no surprise that Dogecoin tops our list, considering that the meme coin leader is Elon Musk’s favourite cryptocurrency.
As previously mentioned, Musk has called Doge the people’s cryptocurrency. Recently, he also hinted at the possibility of Dogecoin payments being accepted for Tesla EVs.
JUST IN: Elon Musk says Tesla will enable $DOGE payments "at some point, Dogecoin to the moon."pic.twitter.com/nZaLhXlvgL
— Watcher.Guru (@WatcherGuru) March 14, 2024
Elon has never hesitated at the idea of promoting Doge through his various ventures. After purchasing X - formerly Twitter - he changed Twitter’s logo from the iconic blue-bird to the Dogecoin symbol, which resulted in a 40% rally in the meme coin.
The token also rallies every time favourable Musk news breaks out, whether it is him purchasing Twitter or successfully launching a SpaceX rocket.
It would therefore be no surprise if the Dogecoin price skyrockets after Elon Musk lands an advisory role in the Trump administration.
PlayDoge ($PLAY)
If Dogecoin is set to benefit from Trump’s crypto stance, investors can expect derivatives of the Doge meme to also benefit, especially new low market cap Dogecoin-inspired tokens.
One of the newest in that niche is PlayDoge (PLAY) which is currently putting up a strong showing in its ICO with $1.5 million raised in the past seven days.
PlayDoge does not have any direct correlation with Trump or Musk. However, considering that it is a dog-themed token with strong fundamentals, it could show a strong correlation to Dogecoin.
Indeed, dog-themed meme coins rally together, with tokens such as Floki and Shiba Inu following Dogecoin. Low-cap tokens such as Doge 2.0 showed a high degree of correlation in 2023, and PlayDoge could follow that pattern following its listings in Q3 2024.
#PlayDoge is coming to take over the #Crypto meme space.Don’t miss the $PLAY #Presale! 🚀#MemeCoin #BNB #P2E pic.twitter.com/fAkZ7lUIgq
— PlayDoge (@PlayDogeGame) June 1, 2024
Considering that PlayDoge has a significantly smaller market capitalization - set to launch with a live market cap of $25M and FDV of $50M - than Dogecoin, it has the potential to offer much higher returns.
Find its play to earn (P2E) focused roadmap - another growing, popular crypto sector - at playdoge.io.
Bitcoin ($BTC)
Expect the Bitcoin price to skyrocket if Elon Musk plays a key role in influencing crypto policy.
Notably, in February 2021, Musk’s Tesla purchased roughly 43,000 BTC at a cumulative cost of $1.5 billion. The company later sold a majority of its BTC holdings, citing the need for cash amidst recessionary concerns.
However, if Tesla had continued to hold Bitcoin, its holdings could have been worth over $3 billion.
Musk would not be keen to repeat the same mistake twice. He has already projected that Bitcoin will find broader support in the coming years.
As an advisor in the Trump administration, he could push BTC’s mainstream acceptance to new highs, which will likely provide a massive boost to the Bitcoin price.
XRP ($XRP)
XRP’s inclusion in this list has more to do with Donald Trump himself than Elon.
Under the Biden administration, XRP’s parent company Ripple has been engaged in a constant legal battle with the SEC. Even as the Ripple vs the SEC lawsuit is close to an end, the latter still has the option to appeal XRP’s landmark victory last year.
However, Trump has already taken several jabs at SEC commissioner Gary Gensler during his election campaign. Experts believe that Trump’s victory could mean the ouster of Gensler from the SEC, who could be replaced by a commissioner more favourable to the crypto industry.
Consequently, XRP is set to be one of the cryptocurrencies to benefit the most from a Trump victory in November.
Milady Meme Coin ($LADYS)
While Elon Musk has never explicitly supported the Milady Meme Coin, as with PlayDoge - the billionaire has only ever promoted Dogecoin - the token tends to rally on every positive Musk news, alongside DOGE and BTC.
The odd relationship between the two started when Musk posted a Milady Maker meme on his X account. The post simply read, “There is no meme. I love you.”
Owing to the Elon Musk effect, the price of LADYS skyrocketed and reached a new all-time high.
If Elon Musk lands an advisory role in the Trump administration, the price of the Milady Meme Coin will very likely skyrocket.
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