During the highly anticipated debate between current President Biden and former President Trump, the meme coin market experienced a significant decline related to the candidates. According to data, Memecoins related to presidential candidates attracted attention, with a current market value of $115.4 million, a decrease of 5.6% from the previous day.
Coingecko
After the debate, key meme tokens in this category saw a sharp decline: MAGA, related to Trump, dropped by 24% in the past 11.5 hours, MAGA Hat dropped by 19%, BODEN dropped by 26%, TREMP dropped by 9.2%, and ETHSCHWARTZ dropped by 14.7%. These actions highlight the volatility triggered by the debate.
Max Jones from Memepad pointed out that these coins serve as indicators of a candidate’s popularity during the election season.
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Biden and Trump engage in a heated exchange during their first debate
Bitfinex analysts believe Trump is a favorable choice for the cryptocurrency community, citing support from figures like the Winklevoss twins who donated $20,000 worth of BTC, although some donations have been refunded. They anticipate that Trump’s presidency could improve cryptocurrency regulation compared to the current government.
CNN’s debate marked the first direct confrontation between Biden and Trump since 2020, generating immense interest across various sectors.
