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Trump meme coins fell up to 96% over the last 7 days after his debate with Kamala Harris, where both candidates discussed presidency plans.
Key Notes
Trump-inspired meme coins crashed significantly after the first debate between the Republican and Democrat candidatesThe plunge was likely due to a less-than-impressive performance from TrumpBoth candidates consider their performances victorious and have similar odds of winning on Polymarket.Meme coins linked to Republican presidential candidate Donald Trump fell significantly after the debate with Democrat candidate Kamala Harris. Following the debate, the total market capitalization of PolitiFi meme coins dropped by 8.5%, according to data from CoinGecko.
While Super Trump (STRUMP) fell by 12.3%, MAGA (TRUMP TRUMP $2.88 24h volatility: -10.0% Market cap: $132.77 M Vol. 24h: $6.24 M ) and MAGA Hat (MAGA MAGA $0.0001 24h volatility: -19.7% Market cap: $30.28 M Vol. 24h: $16.26 M ) fell 10% and 22.5%. The Doland Tremp (TREMP) meme coin also fell 27.5%. At the time of this writing, MAGA Hat had dropped 31.1% over the last 7 days. Interestingly, Pepe (TRUMP) had climbed 26.8% but fell 96.6% in 7 days.
Interestingly, the Kamala Horris (KAMA) meme coin linked to the vice president also fell by 5.4%.
Trump Debate Performance May Be Cause for Meme Coin Crash
Reactions to the debate suggest that Trump did not impress his supporters as much as was expected and may be the cause of the meme coins crashing out. For instance, Tesla CEO and X chairman Elon Musk noted in a post that although the hosts at the debate were unfair to Trump, Harris “exceeded most people’s expectations”.
Adam Cochran, a partner at venture capitalist firm Cinneamhain Ventures (CEHV), described Trump as “fizzled out”. In an X post, Cochran said Trump looked tired and upset, offering the possibility that the campaign is taking a toll on the former president. In a follow-up post, Cochran also noted a contrast between his first and current campaigns. According to the CEHV partner, Trump was selling a “MAGA” vision the last time, pushing on goals he hoped to achieve. However, this time, he spends nearly all his air time defending his statements.
Popular economist Alex Krüger pointed out that while Harris seemed in control, Trump seemed angry and even “unhinged at times.” Interestingly, Krüger also criticized the ABC moderators, accusing them of clearly being on Harris’ side, which corroborates Musk’s criticism. This suggests that the meme coin crash resulted from a seemingly disappointing debate.
Nealy Equal Odds of Winning on Polymarket
Currently, the odds on decentralized prediction market platform Polymarket are in favor of Harris. Although close, Harris has a 50% chance of winning, compared to Trump’s 48%. However, Trump has more money on him, at $132.3 million, with Harris at $116 million.
Despite the varying opinions, each candidate believed they were victorious at the debate and criticized their opponent. A press release from Trump’s team said he “delivered a masterful debate performance”, and added that Kamala has had an “abysmal record of failure” over the last 4 years.
On the other hand, Kamala’s team said she “commanded the stage on every single issue that matters to the American people”. The team also called Donald Trump incoherent and said the former president’s only plan is to raise costs for the middle class and take the country backward.
Trump has repeatedly promised to support the crypto sector and has announced his intention to make the US a leader in the industry. Nonetheless, neither candidate spoke about crypto during the debate.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
