- Last night’s CNN presidential debate left us with more questions than answers.
- The emerging billion-dollar PolitiFi niche is under attack by crypto bears.
- Trump’s Crypto Wallet Loses $2.45 Million As MAGA Plummets
PolitiFi, a new niche player in the cryptocurrency space, is making headlines due to its relevance to the upcoming US presidential election. Both Joe Biden and Donald Trump have multiple Mimecoins featuring parody versions of themselves.
Trump has a publicly traceable cryptocurrency wallet, while Democratic nominee Biden has often been seen as an adversary of cryptocurrencies due to regulatory delays and unclear stance on Bitcoin (BTC) mining.
Trump’s comments following last night’s presidential debate on CNN did not bode well for self-proclaimed cryptocurrencies. For example, MAGA (TRUMP), the second largest asset on the PolitiFi sector, fell 20% in the last 24 hours.
All Trump-Inspired Cryptocurrencies Take a Huge Hit
Currently trading at $7.55, TRUMP has lost $96 million in market cap over the same period. However, the cryptocurrency has a relatively low trading volume compared to other cryptocurrencies, with a trading volume of $18,110,308 over the last 24 hours.
Both sides of the election vote agree that cryptocurrencies will inevitably be a hot topic this election season, as cryptocurrency traders in
The only Trump-esque PolitiFi meme coin with a market cap of over $100 million is the Ethereum-based Maga Hat (MAGA).
According to this report, President Trump’s public tracking wallet suffered a large loss, with a deficit of $2.55 million.
Traders Don’t Believe Biden’s Speech
Jeo Boden (BODEN), a political satire meme coin that unexpectedly got listed on Kraken, fell 42.2% following the election debate broadcast. Trading at $0.07222, BODEN is lagging behind TREMP, which is trading at $0.6026, despite having a similar market cap.
Following the price movement after the discussion, BODEN lost the most value. However, BODEN and TREMP remain the only two political cryptocurrencies listed on major US exchanges.
On the flip side
- Because many political memecoins have anonymous teams, it is difficult to determine whether they serve a long-term agenda in the political arena or in the cryptocurrency community.
Why this matters
Cryptocurrencies and blockchain technology have emerged as a unifying theme that has received bipartisan support from both parties involved in the U.S. election.
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