As the historic showdown between current President Joe Biden and former President Donald Trump unfolds live, the price of memecoins inspired by both candidates is dropping.
According to Coingecko’s PolitiFi token category, a vibrant Mimecoin ecosystem has been built around the two presidential candidates, and the politics-themed token’s market capitalization currently stands at $1.3 billion, expanding 6.7% over the past 24 hours.
Several popular Mimecoins inspired by the candidates have seen their value drop significantly in the past hour.
that much Ethereum-based MAGA (ticker: Trump) is down 6.4% over the past hour, while MAGA Hat (ticker: MAGA) is down 10.8% over the past hour.
On the Solana blockchain, Jeo Boden (ticker: BODEN) recorded a 26% decline, followed by Doland Tremp (ticker: Trump
-5.28%
) fell 9.4% in the last hour. Meanwhile, Ethereum-based Super Trump (ticker: STRUMP) decreased by 1.8%. The significant price fluctuations highlight the volatility within this sector of the cryptocurrency market amid public attention surrounding the TV debate.
PolitiFi Memecoin Acts as a Measure of Presidential Popularity
As the US presidential election campaign heats up, the PolitiFi memecoin could serve as a check on popularity among each candidate, according to Memepad founder Max Jones.
“While their volatility is tied to the hype surrounding the politicians they track, their growth also tilts heavily toward the broader market. It remains to be seen whether any of these memecoins will stand the test of time, but they currently serve as an uncommon litmus test for Trump, Biden and Robert F. Kennedy Jr. (RFK),” Jones told The Block.
Traders were watching the live debate for clues about what the November election could mean for Bitcoin and the broader cryptocurrency sector. “Donald Trump has been more proactive in presenting his views on the topic,” Stocklytics analyst Neil Roarty told The Block. Joe Biden has a ‘hate for Bitcoin’ and calls the remaining unmined Bitcoin ‘made in America.’ “I insisted that it be made,” he said.
Donald Trump appears to be more friendly to the cryptocurrency industry.
According to Bitfinex analysts, Trump is seen as a candidate who supports innovation in the crypto space. “The Winklevoss twins, prominent figures in the crypto space, have shown their support for Trump by donating $2 million worth of Bitcoin to his campaign. This move signals that Trump is seen as a candidate who supports innovation within the crypto and traditional finance (TradFi) communities,” Bitfinex analysts told The Block.
Bitfinex analysts believe Trump’s victory in November will signal a shift toward more favorable regulatory conditions for the cryptocurrency industry in the United States. The Trump administration could prioritize creating a clear and supportive regulatory framework while encouraging innovation and investment in the cryptocurrency sector,” Bitfinex analysts added.
But according to Moe Vela, a former senior adviser to Joe Biden, debate viewers are focused on which candidates are physically, mentally and morally fit for office. “This debate is not about substance, but about contrasting personalities, disparate displays of statesmanship, and two octogenarians trying to prove their vitality, vitality, and viability,” Vela told The Block.
The US presidential debate began on CNN at 9 p.m. ET on Thursday, marking the first time the two candidates shared a debate stage since 2020.
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