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The upcoming presidential debate, which represents the first debate of 2024 is scheduled for Thursday at 21:00 ET. The debate is poised to significantly affect the broader crypto market, with a particular emphasis on the PoliFi sector.
In the lead-up to today’s highly anticipated debate between President Joe Biden and crypto-friendly Republican candidate Donald Trump, political finance (PoliFi) meme coins are experiencing notable market volatility.
These tokens, created to mirror Trump and Biden, have seen their values fluctuate significantly in the past 24 hours as investors brace for the potential impacts of the debate. According to data from CoinMarketCap, MAGA, one of the leading tokens in the category represented by the ticker TRUMP, dropped from its four-week high of nearly $12 to $8.42 as of Thursday, June 27.
The decline represents a decrease of over 35% within a one-month period and a 0.5% decline in the past day. Other tokens in this category have experienced even greater declines compared to TRUMP.
Political Meme Coins and Market Fluctuations
CoinMarketCap data shows that PoliFi tokens like Baby TRUMP, based on the Binance Smart Chain network (BSC), have shed nearly 12% of their market value in the past 24 hours.
Another token, Trump Coin (DJT), has fallen more than 17% during the same period. Furthermore, Joe Boden (BODEN) is currently trading around $0.012, showing a decrease of nearly 20%. In addition to DJT and BODEN, Maganomics (MAGA), created for entertainment in support of Trump’s economic debate, dropped over 23% in the last 24 hours.
Despite the ongoing bloodbath in the sector, not all tokens in the PoliFi category are losing value. Tokens like Solana-based Baby TRUMP have performed exceptionally well in the last 24 hours, surpassing even the likes of Bitcoin (BTC) and Ethereum (ETH).
According to CoinMarketCap, Baby TRUMP has seen a return on investment of more than 4823% for investors. The meme currently boasts a market capitalization of $5.2 million.
A Few Voters Surprises
The upcoming presidential debate, which represents the first debate of 2024 is scheduled for Thursday at 21:00 ET. The debate is poised to significantly affect the broader crypto market, with a particular emphasis on the PoliFi sector.
Several advocates within the Web3 community including Coinbase have pushed for digital assets to be a key topic in the televised presidential discussion. According to commentators, the candidates’ potential comments on the matter could introduce considerable volatility to the digital asset market.
Earlier this week, TS Lombard, a leading independent research provider renowned for its economic and political analysis said the debate is expected to bring “a few voter surprises and could potentially reshape what is currently a very close race”.
“If Biden performs poorly compared to his opponent, there will be increased pressure from major Democratic donors to consider replacing him, especially as Biden has lagged in fundraising for the second month in a row. Conversely, if Trump falters, Republicans may be concerned, but the GOP ticket is unlikely to change. Instead, Trump’s yet-to-be-announced VP pick will be under pressure to stabilize the campaign,” TS Lombard stated.
The company further explained that despite the outcome of the debate, the stakes remain high.
