Could Elon Musk Joining The Trump Administration Spark The Next Crypto Bull Run?

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The next crypto bull run appears to be on the horizon as pro-crypto candidate Donald Trump is once again the favourite to win the White House. 

Meanwhile, Tesla and X owner Elon Musk is poised to join the Trump administration as well, with both men recently showcasing their willingness for a cabinet role for Musk. Unsurprisingly, Dogecoin bulls are ecstatic about this possibility, which could provide a major boost to DOGE. 

A Dogecoin rally could kickstart a larger meme coin mania. Smart-money investors are already preparing for this scenario by investing in low-cap tokens such as Pepe Unchained and PlayDoge. 

How Elon Musk Joining The Trump Administration Is Bullish For Crypto Prices

Trump and Musk are two mainstream figures with outsized influence over the crypto market. 

The former President is the clear pro-crypto candidate in the upcoming US Presidential Elections, thanks to his promise of firing Gary Gensler and setting up a strategic Bitcoin reserve. Indeed, the Bitcoin price created a local bottom and rallied after the failed assassination attempt on Trump in July. 

Now, Musk joining Trump in a cabinet or advisory role is another positive for crypto, especially meme coins. 

Dogecoin has been largely sidelined from this bull cycle and is currently trading over 80% below its all-time high. However, this could quickly change if the Tesla owner joins the Trump administration in any capacity.

As such, Musk continues to publicly back crypto and in particular, DOGE. In response to Trump’s comments, he claimed that the Department of Government Efficiency – in short, DOGE – would be the perfect name for his department. 

Consequently, a Trump victory could spark the next bull run. As per the Polymarket odds, the Republican is once again the favourite to win the White House in November. Considering that he was trailing by as much as 10 points earlier this week, his current 5-point lead is a remarkable comeback. 

Best Crypto to Buy Now Before The Next Bull Run

As previously mentioned, Dogecoin is an excellent buy for the next crypto bull run, considering it is highly undervalued. 

Additionally, XRP is another undervalued altcoin that is trading 80% below its all-time high. Considering that Trump has promised to fire SEC Chair Gary Gensler, the XRP price will skyrocket if the market starts to price in a Trump victory. 

New low-cap meme coins are also in high demand, owing to their overperformance during the bull run earlier this year. Indeed, some early meme coin buyers generated millions in profits and smart-money investors are looking to replicate this performance.

For instance, a new meme coin Pepe Unchained (PEPU) has raised nearly $10 million in its presale. 

Aside from being a frog-themed token, PEPU is a high-utility meme coin. For instance, it has its own Layer-2 chain, which means low trading costs and high staking rewards. 

This gives $PEPU an edge over other new Ethereum meme coins, especially in terms of retail investment. 

Owing to its unique value proposition and strong early demand, some analysts believe that PEPU could offer up to 100x returns after its launch. 

Similarly, a new GameFi-based meme coin PlayDoge (PLAY) has raised over $6 million, owing to its striking similarities with FLOKI. 

Indeed, PLAY is also a multi-chain meme coin, with a rewarding P2E game and high staking rewards. Unsurprisingly, experts are bullish on its upside potential, with some suggesting potential 10x returns for early buyers. 

Considering that PLAY’s presale is set to end on August 26th, investors have just 5 days to buy it at a discounted price before its IEO. 

*Cryptonomist did not write the article or test the platform.