PolitiFi Memecoins Fall Dramatically Amid Trump vs Biden Debate

PolitiFi Memecoins Tumble During Trump-Biden Televised Clash

PolitiFi Memecoins– During a historic live televised debate between incumbent President Joe Biden and former President Donald Trump, memecoins inspired by the two candidates experienced a notable drop in value.

The memecoin ecosystem built around these political figures has been thriving, with the market cap of political-themed tokens reaching $1.3 billion, reflecting a 6.7% increase over the last 24 hours, according to Coingecko’s PolitiFi token category.

However, in the past hour, several prominent memecoins have seen significant declines. On the Ethereum blockchain, the MAGA token (ticker: Trump) dropped by 6.4%, while MAGA Hat (ticker: MAGA) slid by 10.8%. On the Solana blockchain, Jeo Boden (ticker: BODEN) plummeted by 26%, and Doland Tremp (ticker: TREMP) fell by 9.4%. Additionally, the Ethereum-based Super Trump (ticker: STRUMP) saw a 1.8% decrease.

These significant price movements underscore the volatility within this sector of the cryptocurrency market, amplified by the publicity surrounding the debate.

PolitiFi Memecoins Serve as Barometer for Presidential Popularity

Memepad founder Max Jones believes that as the U.S. presidential election campaign intensifies, PolitiFi memecoins could act as a barometer for the candidates’ popularity.

Though their volatility is linked to the hype around the politicians they track, their growth also takes a deep leaning toward the broader market. While it remains unknown which of these memecoins will stand the test of time, they currently serve as an uncommon litmus test for Trump, Biden, and Robert F. Kennedy, Jr (RFK).

Jones told The Block

Traders tuned into the live debate, seeking insights on what the upcoming November election might mean for bitcoin and the broader cryptocurrency market. Donald Trump has been quite vocal on the matter, accusing Joe Biden of having a ‘hatred of bitcoin’ and advocating for the remaining, unmined bitcoin to be ‘made in the USA, Stocklytics analyst Neil Roarty told The Block.

Donald Trump is perceived as more supportive of the cryptocurrency industry

According to analysts at Bitfinex, Trump is regarded as a candidate supportive of innovation in the cryptocurrency sector. The Winklevoss twins, well-known figures in crypto, have backed Trump by donating $2 million in bitcoin to his campaign, the analysts told The Block. This gesture underscores a growing perception of Trump as a pro-innovation candidate in both the crypto and traditional finance communities.

Bitfinex analysts suggest that a Trump victory in November could lead to more favorable regulatory conditions for cryptocurrencies in the U.S. Throughout his campaign, Trump has expressed support for bitcoin and other cryptocurrencies, in contrast to the current administration’s cautious and regulatory-focused approach, the analysts noted. They anticipate a Trump administration prioritizing the establishment of a clear and supportive regulatory framework, fostering innovation and investment in the crypto sector.

FAQs

For the latest in crypto updates, keep tabs on Crypto Data Space.