Elon Musk’s recent decision to update his X (Twitter) profile with a laser eyes avatar has dramatically boosted the meme coin “DMAGA,” causing its value to skyrocket more than 50 times. This surge came just hours after US President Joe Biden announced he would withdraw from the 2024 presidential election, endorsing Vice President Kamala Harris as his successor.
The change to laser eyes pumped the DMAGA coin in particular because it was the same image which the DMAGA’s official X (Twitter) team created for Musk and sent to him. Their official profile picture featuring Trump is also similar.
This unexpected political move, paired with Musk’s endorsement of Trump-themed content, led to a surge in interest and trading for meme coins related to the election, including $HERRIS, $KAMALA, and $KAMA.
In Support of Trump for Crypto
The profile picture, featuring laser eyes, was inspired by a meme created. Before Musk’s involvement, DMAGA had a trading volume of less than $2 million per week. However, the combination of Musk’s high-profile endorsement and Biden’s withdrawal announcement ignited a flurry of activity.
Influential figures including Marc Andreessen and Ryan Selkis quickly changed their profile photos to characteristic laser eyes, further fueling the demand around DMAGA. Within hours of Musk’s update, the coin’s market value soared, exceeding $60 million. This surge highlights the effective impact that social media and influential figures could have on cryptocurrency markets.
The History of Laser Eyes
The use of laser eyes has a historical context within the crypto community. This symbol gained prominence during the 2021 Bitcoin bull run when it was used to express confidence in Bitcoin’s future.
The campaign, initiated by crypto podcast host Greg Zaj, encouraged supporters to adopt the laser eyes as a sign of bullish sentiment. Notable figures like MicroStrategy CEO Michael Saylor and US Senator Cynthia Lummis joined in the trend.
Musk’s latest move demonstrates how closely intertwined political events and cryptocurrency trends have become. As the 2024 US election continues to unfold, the influence of memes and high-profile endorsements on digital currencies is likely to grow. This intersection of politics and crypto highlights the evolving landscape of both fields, where even a simple social media update can lead to significant market shifts.
Also read: TRON Founder Says, ‘Goodbye Biden, Crypto Will Last Forever’