Memecoins inspired by former President Donald Trump are selling off Wednesday following the first, and possibly only, debate with current Vice President Kamala Harris ahead of the U.S. election in November.
The overall PolitiFi market cap stands at around $535 million, a 9% decrease in the last 24 hours, according to CoinGecko. Political Finance, or PolitiFi, memecoins inspired by political figures and have no official affiliation to any of them.
“The market is showing a knee-jerk reaction to seemingly a better-than-expected performance by Harris in the debate so far,” Presto's head of research Peter Chung said Tuesday night.
MAGA -21.45% (ticker: 
TRUMP -15.36% ), the largest of these tokens with a market cap of $132 million, is down 16%. Super Trump (STRUMP) is down 10%, while MAGA Hat (MAGA) and Doland Tremp (
TREMP -29.08% ) are down a steeper 22% and 28%, respectively. Other Trump-centric tokens seeing significant selloff (i.e., at least 20%) include Dark MAGA (DMAGA), Fight to MAGA (FIGHT). The Kamala Horris (KAMA) token is down about 11%.
The price action in these memecoins has become typical during such types of events, as the coins witnessed similar selloffs following Trump's debate with Biden as well as Trump's live X interview with Elon Musk.
"The U.S. presidential debate was a sell-the-news event, with Trump’s performance underwhelming in comparison to his previous debate against Biden, and the consensus view seems to be that it was a loss for him," Bitfinex analysts said.
During the 90-minute debate, the topic of cryptocurrency never came up.
"Trump has been seen as the friendlier toward the industry with promises to end an 'unlawful and un-American crackdown' on the U.S. crypto industry. The Republican presidential candidate has also made inroads with the industry by selecting crypto-friendly J.D. Vance as his running mate and promising to advocate for bitcoin miners," The Block's Sarah Wynn previously reported. "However, Harris has begun reaching out to the crypto industry and sources say her team wants to learn more about crypto."
Meanwhile, over on Wall Street, Trump Media & Technology Group Corp (ticker: DJT) was down 11% at publication time, extending a nearly 60% drop over the past six months.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
