NOIDA (CoinChapter.com)—The cryptocurrency market is often susceptible to external stimuli and cues. Political events, like the US Elections or a presidential debate between Joe Biden and Donald Trump on June 27, often impact the sector.
The first US presidential debate between Joe Biden and Donald Trump had a notable impact on Solana-based memecoins themed around the two candidates.
These tokens, such as Jeo Boden (BODEN) and Doland Tremp (TREMP), exist without any official endorsement from either Biden or Trump but have attracted speculative interest. Ex-President Donald Trump has established himself as a pro-crypto candidate, garnering support from the community.
Biden-Themed Tokens’ Performance During the Debate
During the Biden and Trump presidential debate, Biden-themed tokens experienced significant declines, likely reflecting voters’ and investors’ reactions to President Joe Biden’s performance in the debate.
The Jeo Boden (BODEN) token, which references a misspelling of Biden’s name, saw a sharp decline of over 53%, dropping from approximately $0.17 to $0.08 since the debate began at 2100 hrs (eastern time).
Similarly, the Hunter Boden (HUNTBODEN) token, which references Biden’s son, plummeted by 50%, falling from $0.006 to $0.003. Moreover, the Jill Boden (JILLBODEN) token also declined by 10% during the debate, dropping to $0.000103.
The JILLBODEN price drop continued, with the token falling 91% to a daily low near $0.000099 over the past 24 hours.
These drops reflect the market’s reaction to President Biden’s performance during his debate with ex-President Trump, which was perceived as weak and lacking energy.
Biden struggled with maintaining a coherent narrative on certain policy points, and there were moments where his delivery lacked the energy and clarity needed to make a strong impression. This perception contributed to the significant decline in the value of these tokens.
Trump-Themed Tokens’ Performance During the Debate
Trump-themed memecoins also declined during the debate between Donald Trump and Joe Biden. The Doland Tremp (TREMP) token fell by 37%, dropping from $0.9 to $0.53 before rebounding slightly to $0.71.
Additionally, the MAGA (TRUMP) token on the Ethereum blockchain saw a 20% decline.
Another Trump-themed Solana-based token, Trumpie, also declined similarly, dropping 53% over the last 24 hours.
The market’s broader negative reaction to the debate impacted tokens associated with both candidates. Trump made several misleading claims during the debate, which may have contributed to the decline in the value of these tokens.
For example, Trump falsely stated that the Paris Accord cost China nothing and that the January 6 attack on the US Capitol was relatively small.
The declines in these tokens underscore the sensitivity of memecoins to political events and public sentiment. For instance, there are over 100 Trump-themed tokens on CoinMarketCap, highlighting how the crypto sector celebrates every event with a new token or a bunch of them.
Based on crypto token reactions, the debate between Joe Biden and Donald Trump seemed to have been a draw.
