Trump and Biden ignore crypto in first debate, memecoins plummet
The highly anticipated first televised debate between President Joe Biden and former President Donald Trump has left a significant mark on the cryptocurrency market, specifically on so-called "memecoins." Although the debate did not feature any discussion about cryptocurrencies, the value of political memecoins dropped by double digits.
Politics and economy top debate discussion
During the 90-minute debate, organized by CNN, the candidates primarily focused on topics such as the economy, immigration, abortion rights, and foreign policy. However, despite significant funds being raised by crypto lobby groups, including $177.8 million by Fairshare PAC, the topic of crypto did not come up during the debate.
Trump-based memecoins fall sharply in value
One of the Trump-based memecoins, named maga (TRUMP), saw a decrease of 6.4% in value just hours after the debate, and a loss of 12% over the following day. Additionally, other Trump-based coins, including Doland Tremp (TREMP) and Super Trump (STRUMP), also dropped in value. Furthermore, the Ethereum-based TRUMP was down 1.8% post-debate.
Biden-supported memecoins follow suit
Joe Biden, the current president, also saw a decline in the values of his affiliated memecoins. The Jeo Boden (BODEN) currency plummeted 26% in value. However, it should be noted that Biden’s less-affinity towards cryptocurrency and his use of a veto to block a recent crypto law, has led some analysts to speculate that these downward trends may not necessarily be linked to Biden’s performance in the debate.
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Altcoin News/ June 23, 2024