Politifi Memecoins Experience Sharp Decline Following Trump vs Biden Presidential Debate 2024
In a stunning development, the worth of PolitiFi Memcoins, which are inspired by U.S. presidential candidates Joe Biden and Donald Trump, plummeted after their historic televised debate. This unexpected decrease has grabbed the attention of crypto traders and enthusiasts alike.
Continue reading to discover the behind-the-scenes story of this surprising decline.
Decrease in PolitiFi Memecoins
Numerous prominent PolitiFi memecoins, collectively known as PolitiFi coins, experienced a significant drop in value shortly after the debate. The combined market capitalization of these coins fell to $1.14 billion, representing a 6.5% decline within the last 24 hours.
Performance of Major PolitiFi Coins
MAGA:
This coin, associated with Trump, saw a 9.5% decrease in value within the last day. Despite a 49.6% drop over the past month, it exhibited a 6.0% increase in the past week. Its current market capitalization is $346.158.092 million, with a price of $7.87.
Within the last 24 hours, other notable Trump-inspired coins, Doland Tremp and Super Trump, experienced declines of 17.6% and 24.7%, respectively.
Jeo Boden:
Linked to Joe Biden, this coin witnessed a massive 37.2% drop within the last 24 hours. It has fallen 74.1% over the past month and 14.3% in the last week. Its market capitalization currently stands at $58.68 million, with a price of $0.08189.
Expert Perspectives on PolitiFi Coins
Max Jones, the founder of Memepad, observed that the volatility of these coins is closely tied to the buzz surrounding the politicians they represent. As the U.S. Presidential election campaign intensifies, these coins may act as an unusual indicator of candidate popularity. However, their growth also relies heavily on broader market trends.
Implications for the Cryptocurrency Market
Analysts at Bitginex suggest that a Trump victory in the upcoming election could signal more favorable regulatory conditions for the cryptocurrency industry.
As the U.S. presidential race heats up, the performance of PolitiFi memecoins will continue to be a focal point for cryptocurrency traders and political enthusiasts. Their value serves as a distinctive reflection of the current political climate and market sentiment.
Also Read:
Cryptocurrency And Bitcoin Take Back Seat in Donald Trump, Joe Biden’s Heated Presidential Debate
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