The memecoin inspired by Donald Trump has seen a remarkable surge lately. Its value jumped significantly as the former president's chances of winning the upcoming election appear to improve.

After hitting a low of $1.64 on September 24, the TRUMP (MAGA) token soared to $5.67 by October 7. That’s a stunning 246% increase in just under two weeks! This rise coincided with Trump taking the lead on Polymarket’s betting platform for the “Presidential Election Winner 2024.”

Right now, MAGA is trading at $4.37, with a market cap of $201.1 million. According to Polymarket, Trump has a 52.6% chance of winning the election on November 5, while Kamala Harris stands at 46.7%.

This year, Trump made cryptocurrency a part of his campaign. He argued that the U.S. should revive its digital asset industry to become the “crypto capital of the planet.” He even backed the launch of his own crypto platform called World Liberty Financial (WLFI), although details about that project are still unclear.

However, some experts believe the election's outcome might not matter much for the future of cryptocurrency. BitMEX founder Arthur Hayes pointed out that regardless of who wins, the new administration will likely increase spending. This could lead to a weaker dollar and ultimately benefit Bitcoin (BTC) and other digital assets.

Hayes said, “Once that’s settled, it’s off to the races. Whoever wins will print money. Donald Trump might cut taxes, while Kamala Harris could boost welfare payments. But both sides agree that government spending needs to grow, no matter where that money goes. So, as crypto holders, we don’t really care what they spend it on.”

Matthew Sigel, who leads digital assets at VanEck, echoed this sentiment. He believes both candidates are bullish for Bitcoin. He suggests they will likely maintain or even increase fiscal spending, which could lead to more quantitative easing (QE). Historically, QE has been good for the asset class.