Trump-Flavored ETH Memecoins Crash Post-Presidential Debate

  • Last night’s CNN presidential debate left more questions than answers.
  • The emerging $1B PolitiFi niche market is being whooped by crypto bears.
  • Trump’s crypto wallet incurs a $2.45 million deficit as MAGA plunges.

PolitiFi, a new niche in the crypto space, has been making headlines due to its relevance to the upcoming United States presidential election. Both Joe Biden and Donald Trump have multiple memecoins featuring parody versions of themselves.

While Trump has a publicly trackable crypto wallet, Democratic candidate Biden has often been seen as an enemy of crypto due to stalling regulation and an unclear stance towards Bitcoin (BTC) mining.

Following last night’s Presidential Debate on CNN, Trump’s statements didn’t bode well for self-styled cryptocurrencies. To illustrate, MAGA (TRUMP), the second-largest asset in the PolitiFi sector, dwindled by 20% over the past 24 hours.

All Trump-Inspired Cryptos Take a Heavy Beating

Now trading at $7.55, TRUMP shrunk in market cap by $96 million during the same time frame, even though the crypto has a relatively small trading volume compared to its peers, at $18,110,308 in the latest 24-hour window.

As crypto traders on X are endorsing TRUMP as a safer choice than lesser-known political memecurrencies with low market caps, both sides of the electoral ballot agree that crypto is an inevitably hot topic this election season.

The only other Trump-flavored PolitiFi meme coin that claims a market cap above $100 million is Maga Hat (MAGA), based on Ethereum.

Following the news, Trump’s publicly traceable wallet was heavily in the red with a $2.55 million deficit.

Traders Not Convinced by Biden’s Speech

Unexpectedly listed by Kraken, the political satire meme coin Jeo Boden (BODEN) crashed by 42.2% since the election debate aired. Trading at $0.07222, BODEN falls short of TREMP, which is priced at $0.6026, despite sporting a similar market cap.

Following the post-debate price movements, BODEN lost the most value. However, BODEN and TREMP remain the only two political cryptocurrencies that are listed for trading on major exchanges in the United States.

On the Flipside

  • Many political memecoins have anonymous teams, making it difficult to determine whether they serve a long-term agenda in the political arena or for the crypto community.

Why This Matters

Crypto and blockchain tech have been labeled a unifying topic that has received bipartisan support from both parties involved in the United States elections.

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Written by on 2024-06-28 20:35:00.

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