Political meme coins Fluctuate before Biden-Trump debate 2024 : Tomorrow at 21:00 ET, the first presidential debate of 2024 will occur. The discussion will greatly impact the cryptocurrency market overall, focusing especially on the PoliFi industry.
Political finance (PoliFi) meme coins are experiencing significant market volatility ahead of today’s much-awaited debate between President Joe Biden and crypto-friendly Republican nominee Donald Trump.
Political meme coins Fluctuate before Biden-Trump debate
These coins, meant to reflect the differences between Trump and Biden, have seen huge swings in value within the last 24 hours as investors prepare for the possible ramifications of the discussion. CoinMarketCap statistics show that as of Thursday, June 27, MAGA, one of the top tokens in the category represented by the ticker TRUMP, fell from its four-week high of around $12 to $8.42.
The fall is 0.5% in the last day and more than 35% in a month. Other tokens in this group have fallen even more than TRUMP.
Market Fluctuate and Political Meme Coins
According to CoinMarketCap statistics, PoliFi tokens—such as Baby TRUMP—built on the Binance Smart Chain network (BSC) have lost about 12% of their market value in the last day.
Over the same time, Trump Coin (DJT), another cryptocurrency, has dropped by over 17%. Moreover, Joe Boden (BODEN) has dropped by over 20% to trade at $0.012. Apart from DJT and BODEN, the entertainment-focused Maganomics (MAGA) was down more than 23% in the previous 24 hours.
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Not all tokens in the PoliFi category are losing value despite the continuous carnage on the market. In the past 24 hours, tokens like the Solana-based Baby TRUMP have outperformed even Ethereum (ETH) and Bitcoin (BTC).
CoinMarketCap reports that investors have received a return on investment of more than 4823% with Baby TRUMP. As of right now, the meme is valued at $5.2 million. Other news is surrounding CBR.
Surprising A Few Voters
The first presidential debate of 2024 is this Thursday at 21:00 ET. The discussion will have a big impact on the cryptocurrency market overall, focusing especially on the PoliFi industry.
The Coinbase company is among the many proponents of the Web3 community who have campaigned for digital assets to be a major topic in the presidential debate on television this coming Tuesday. Analysts warn that the contenders’ possible remarks on the subject could cause a great deal of volatility in the market for digital assets.
Leading independent researcher TS Lombard, known for his political and economic analysis, predicted earlier this week that the debate will provide “a few voter surprises and could potentially reshape what is currently a very close race.”
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Major Democratic contributors will put more pressure on Biden to be replaced if he does worse than his opponent, particularly because Biden has been behind in fundraising for the second month in succession. Republicans could worry if Trump stumbles, but the GOP ticket will unlikely change. Rather, TS Lombard said, Trump’s yet-to-be-announced vice presidential candidate will be under pressure to steady the campaign.
The firm said that the risks are still significant regardless of how the discussion turns out.
