Following the recent U.S. presidential debate, the cryptocurrency market saw a sharp divergence in the performance of politically themed meme coins. Trump-inspired MAGA coin (TRUMP) took a significant hit, dropping over 10%. Meanwhile, Kamala Harris-inspired tokens, like the Kamala Horris (KAMA) coin, surged over 10%, boosted by positive political momentum.
Debate Ignores Crypto, Hurting Meme Coins
Despite growing interest in cryptocurrencies, the U.S. presidential debate did not mention blockchain or crypto policies, disappointing crypto enthusiasts. This caused a notable decline in MAGA-themed coins, which dropped in value by as much as 14-15%. The absence of crypto discussions was particularly striking given former President Trump’s previous support for the industry, especially during his interactions with key crypto figures earlier in the year. This led to a sell-off across many Trump-associated meme coins, including the “MAGA Hat” and “Doland Tremp” tokens.
Generally, the politiFI memecoins tanked, MAGA (TRUMP) dropped -10%, MAGA Hat (MAGA)-22.5%, Super Trump (STRUMP) -12.3%, Donald Tremp (TREMP) also dropped 27.5%.
source: coingecko
Harris-Inspired Tokens See Major Gains after U.S. presidential debate
On the flip side, Kamala Horris (KAMA) tokens saw better performance after the debate. Harris’s increasing political momentum, bolstered by her performance in the debate and endorsements from notable figures like Barack Obama, contributed to this surge.
However, some analysts have predicted a Trump win in the U.S. presidential election in November would propel Bitcoin to new all-time highs by the end of the year. Unlike Harris, Trump has been outright about supporting crypto when elected. Analyst Bernstein speaking to CNBC has predicted Bitcoin could rise to over $80,000 if Trump wins and test the $30,000-40,000 levels if Harris wins. As the 2024 US presidential race continues, the impact of political events on meme coins and crypto remains unpredictable but highly volatile.
