PolitiFi Memecoins Tank During Trump vs. Biden Presidential Debate

Jun 28, 2024 | Biden Memecoins, Latest News, Trump Memecoins

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PolitiFi Memecoins Tank During Trump vs. Biden Presidential Debate

The world of cryptocurrency was rocked on the night of the presidential debate between U.S. President Joe Biden and former President Donald Trump. As the two candidates clashed on stage, memecoins inspired by their personas took a nosedive, with some coins plummeting as much as 53%.

Market Mayhem: Memecoins Take a Hit

On June 27, during the first of two live presidential debates, memecoins linked to Biden and Trump experienced significant losses. The Make America Great Again-themed TRUMP token began its downward spiral around 20 minutes before the debate started at 9 PM ET. According to CoinGecko data, TRUMP fell 24.6%, settling at $7.23.

However, the hardest hit was the Jeo Boden (BODEN) memecoin, which saw a staggering decline of over 53%. From its 24-hour high of $0.17, BODEN dropped to $0.08 shortly after the debate began. Despite this sharp fall, it managed a partial recovery, climbing back to $0.091.

“Watching $BODEN crash during the debate was wild. Crypto markets are clearly reacting to every political move. #Crypto #Biden #Trump” – @CryptoTrader

Broader Impacts on PolitiFi Coins

The downturn wasn’t limited to just the TRUMP and BODEN tokens. Other politically themed coins such as Super Trump (STRUMP) and BABYTRUMP also experienced double-digit declines during and after the debate.

The debate, which primarily focused on issues such as the economy, immigration, wars, and abortion, did not address the cryptocurrency sector. This was notable given that several super political action committees (PACs) supporting the cryptocurrency industry had raised over $200 million to influence the 2024 election.

No mention of crypto in the debate, yet PolitiFi tokens took a hit. Shows how sensitive the market is to political climate. #PolitiFi #CryptoDebate” – @BlockchainBlogger

The Debate’s Ripple Effect

Despite the significant losses in PolitiFi coins, the broader cryptocurrency market showed some resilience. Bitcoin (BTC), for example, managed to rise by 1.1% during the 90-minute debate.

Prediction markets also reflected the debate’s impact on public perception. Data from PredictIt showed that Trump’s odds of winning the presidency increased, while Biden’s chances took a hit. Observers noted that Biden stumbled through some answers and failed to finish some sentences, which likely influenced the market’s response. On PredictIt, Trump’s odds rose from $0.53 to $0.63, while Biden’s fell from $0.48 to $0.37 during the debate.

“Trump’s odds going up, Biden’s going down, and $TRUMP & $BODEN both tanking. What a night for political crypto! #Election2024 #Crypto” – @ElectionWatcher

Memecoins and Market Dynamics

The volatile nature of memecoins is not new to the cryptocurrency market. These tokens, often created as jokes or to capitalize on current events, can experience wild price swings based on social media trends, public events, and the overall sentiment of the crypto community.

The significant drop in PolitiFi memecoins during the debate is a stark reminder of how external events can heavily influence market dynamics. Investors in these types of tokens need to be particularly aware of the risks involved, as their value can be highly unpredictable and influenced by factors beyond traditional market forces.

“Investing in memecoins like $TRUMP and $BODEN is like riding a rollercoaster. Hold on tight! #CryptoRisk #PolitiFi” – @CryptoAdventurer

The Future of PolitiFi Tokens

Looking ahead, the second presidential debate scheduled for September 10 provides another opportunity for these politically themed tokens to react to the candidates’ performances. Whether Trump and Biden will discuss issues related to the digital asset industry remains to be seen, but the potential for market volatility during such high-profile events is clear.

“Mark your calendars for Sept 10. The next debate could shake up the PolitiFi market again. #CryptoDebate #Election2024” – @MarketMaven

The next debate could also provide a platform for further discussion on cryptocurrency regulation and policy, especially given the substantial funds raised by cryptocurrency PACs. As the political landscape continues to evolve, so too will the fortunes of PolitiFi tokens, with their value likely fluctuating in response to the ebb and flow of the political discourse.

 

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