The memecoin sector, led by US President Joe Biden and Republican frontrunner Donald Trump, is experiencing a bigger sell-off than the broader cryptocurrency market.
According to CoinGecko, the PolitiFi memecoin market capitalization has decreased by more than 13% in the last 24 hours. Meanwhile, Bitcoin prices fell about 4% over the same period, while Ethereum fell 5.4%, according to cryptocurrency price data from The Block.
The FreeTrump token ($TRUMP) led the decline, down 45% in the last 24 hours. MAGA (TRUMP), the largest PolitiFi coin by market cap ($560 million), fell 13%. This token has no official affiliation with any politician.
Around the same time that the guilty verdict was announced on Wednesday, the Solana-based Hunter Boden token (HUNTERBODEN) saw a significant surge to $0.001514, up more than 30% in the past 24 hours at the time of the announcement.
Jeo Boden (BODEN), one of the most popular Memcoins of 2024, fell 5.5% to $0.1855.
Broader stock markets faced selling pressure from Wednesday’s double macroeconomic announcements: the monthly consumer price index report and the Federal Reserve’s monetary policy announcement. In recent weeks, expectations about the possibility of the Federal Reserve cutting interest rates have diminished.
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About the author
Jason is the U.S. news editor at The Block. He previously worked as a staff writer and later as editor-in-chief at Benzinga, a financial news and data company. He led the expansion of Benzinga’s daily market coverage as well as the outlet’s cannabis, cryptocurrency and sports betting verticals. He holds a bachelor’s degree in journalism from Central Michigan University and lives in suburban Detroit, Michigan. X Follow him at @JasonShubnell