Meme Cryptocurrency Prices Drop After Trump-Biden Debate
During the much-anticipated debate between incumbent President Joe Biden and former President Donald Trump, the market for candidate-related meme coins saw a significant drop.
Memecoins, thematically linked to the presidential contenders, grabbed the attention, with a market cap now of $1.154 billion, down 5.6% from the previous day, according to data from Coingecko .
Following the debate, key meme tokens in the category saw sharp declines: Trump-linked MAGA down 11.5% in the past 24 hours, MAGA Hat down 19%, BODEN on Solana – by 26%, TREMP – by 9.2%, and the one based on Ethereum STRUMP – with 14.7%. These moves underscore the volatility fueled by the debate.
Max Jones of Memepad noted these coins as gauges of candidate popularity amid the heightened momentum of the election season.
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Verbal skirmishes at the first debate between Biden and TrumpBitfinex analysts see Trump as a favorable choice for the crypto community, citing support from figures such as the Winklevoss twins, who donated $2 million in BTC, though some of the donation was returned. They expect that Trump's presidency could improve crypto regulations compared to the current administration.
The CNN debate marked the first direct face-off between Biden and Trump since 2020, drawing significant interest across sectors.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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