Memecoins
Political memecoins plummet after 2024 Trump vs Biden presidential debate
In a dramatic turn of events, the value of Memcoin PolitiFi inspired by US presidential candidates Joe Bidena and Donald Trump collapsed after their historic televised debate. This unexpected drop has caught the attention of cryptocurrency traders and cryptocurrency enthusiasts.
Read on to get the inside story of the surprising dive.
Decline of PolitiFi Memecoins
Several prominent PolitiFi memecoins, collectively known as PolitiFi coins, saw a significant drop in value immediately following the debate. The total market capitalization of these coins fell to $1.14 billion, marking a decline of 6.5% in the last 24 hours.
Performance of the main PolitiFi coins
MAGA: This Trump-linked coin has dropped 9.5% in the last 24 hours. Despite a decline of 49.6% in the last 30 days, in the last week it showed an increase of 6.0%. Its current market capitalization is $346,158,092 million, with a price of $7.87.
In the last 24 hours, Doland Tremp AND Super TrumpOther major Trump-inspired coins fell 17.6% and 24.7%, respectively.
Jeo Boden: True to Joe Biden, this coin has seen a massive 37.2% decline in the last 24 hours. It has dropped 74.1% in the last month and 14.3% in the last week. Its market cap is $58.68 million, with a price of $0.08189.
Expert opinions on PolitiFi coins
Max Jones, founder of Memepad, noted that the volatility of these coins is linked to the hype surrounding the politicians they represent. As the U.S. presidential election campaign intensifies, these coins could serve as an unusual indicator of candidates’ popularity. However, their growth is also highly dependent on broader market trends.
Implications for the cryptocurrency market
Bitginex analysts believe that a Trump victory in the upcoming elections could signal more favorable regulatory conditions for the cryptocurrency sector.
As the United States Presidential Race heats up, the performance of PolitiFi memecoins will continue to be a focal point for cryptocurrency traders and political enthusiasts. Their value serves as a unique reflection of the current political climate and market sentiment.