Memecoins
Political sentiment influences the prices of Biden and Trump meme coins
During the recent presidential debate between the current US president Joe Biden and the former president and presidential candidate, Donald Trump presented his views on various topics such as the economy, abortions, wars, immigration, etc. . With both sharing opinions, cryptocurrency wasn’t the best fit. topic of discussion, but despite this, many cryptocurrencies have had to face the impact of this debate. The cryptocurrencies here refer to the Biden and Trump meme coins, which have had their share of declines with the debate.
The first presidential debate just ended without any mention of #crypto. pic.twitter.com/XdtGcZfsh6
— Terminus (@terminus_pos) June 28, 2024
Donald Trump had a negative outlook during his presidency, but this time things have reversed. This is because, on several occasions, Donald has shown his inclination towards this sector. Previously, he called himself “President of Cryptocurrency
”, with its growing involvement from Non-Fungible Token (NFT) to meme coins.
There are currently around seven coins featuring the Trump meme on the market, while only one is based on Joe Biden, called Jeo Boden, suggesting Trump’s dominance in this field. More importantly, these Trump meme coins exist with Trump-promoting slogans such as MAGA, which stands for Make America Great Again, or Free Trump, when he was convicted, etc.
Biden and Trump Meme Coins Decline With Presidential Debate
Meme coins inspired by these political figures suffered a notable decline during the presidential debate, in which the pairs collectively lost nearly half of their value. The MAGA meme coin (TRUMP) began falling even before the debate began, causing it to drop from its value of $9.6 to $7.19. In a matter of hours, this Trump meme coin lost 25% of its value. At the same time, Jeo Boden (BODEN) fell by 53%, where its price went from $0.17 to $0.07.
This is not the first time such political events have influenced these celebrity-based meme coins. Previously, during the news of Conviction of Donald Trump
Trump meme coins have had a similar experience.
With the next debate scheduled for September 10, 2024, another similar experience could occur. However, as analysts predict the debate will be about digital assets, a different outcome could occur.
Which Meme Coi is winning in the charts between MAGA and JOE BODEN?
Jeo Boden has been in the cryptocurrency industry for three months and has seen a 121% surge since inception. Despite the bullish month of March, BODEN price peaked in early April, creating the all-time high target of $1.07, followed by a downtrend. It has since lost more than 91% of its value, currently valued at $0.07509 after a 47% decline in the past 24 hours.
On the other hand, MAGA (TRUMP) has made a significant recovery from the decline but is still down 10% in 24 hours, bringing its value to $8.02. Compared to BODEN, TRUMP has been on the market much longer and has risen as high as $17.52, which is 54% higher than the current value. Since its launch, it has delivered gains of 48346% and recently reached an all-time high at the beginning of the month.
Overall, TRUMP is better value for money due to its longer presence in the market and Donald Trump’s active discourse in the industry.
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