During the highly anticipated debate between current President Biden and former President Trump, the meme coin market experienced a significant drop. According to data, meme coins related to the presidential candidates garnered attention, with a current market value of $115.4 million, down 5.6% from the previous day.
After the debate, key meme tokens in this category saw a substantial decline: MAGA, associated with Trump, dropped by 24% in the past 11.5 hours, MAGA Hat dropped by 19%, BODEN-Solana fell by 26%, TREMP decreased by 9.2%, and ETH-based SCUMP 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 the candidates’ popularity during the election season.
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Bitfinex analysts believe that 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 of the donations have been returned. They anticipate that Trump’s presidency could improve cryptocurrency regulation compared to the current administration.
This CNN debate marks the first direct confrontation between Biden and Trump since 2020, generating immense interest across various sectors.
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