YEREVAN (CoinChapter.com) — The recent presidential debate between Joe Biden and Donald Trump had a notable impact on the cryptocurrency market, particularly PolitiFi Memecoins linked to the two candidates. These tokens saw drops, with some falling by over 50%.
According to CoinGecko data, the Trump-themed TRUMP token began to decline about 20 minutes before the debate started on June 27 at 9 pm ET. The token fell 24.6% to $7.23 during the debate.
BODEN and Other PolitiFi Memecoins Plummet After Debate
The Jeo Boden (BODEN) memecoin experienced an even more severe decline. From a high of $0.17 on June 27, it plummeted over 53% to $0.08 shortly after the debate. Although it partially recovered, rising to $0.091, the loss remained substantial.
Other political-themed tokens also felt the impact. Super Trump (STRUMP) and BABYTRUMP saw double-digit declines during and after the debate. This pattern was consistent across various memecoins linked to the political figures.
Debate Ignores Crypto, Yet Bitcoin Rises While Memecoins Fall
The debate focused on topics such as the economy, immigration, wars, and abortion. However, neither candidate addressed the cryptocurrency sector, nor did the moderators raise the issue. This was notable, given the substantial financial influence of the cryptocurrency industry in the 2024 election, with political action committees raising over $200 million.
Despite the absence of discussion on digital assets, Bitcoin (BTC) rose by 1.1% during the 90-minute debate. This modest increase contrasted with the considerable declines in the PolitiFi memecoins.
Trump’s Debate Performance Boosts Odds, Biden’s Chances Decline
The debate also influenced the candidates’ odds in prediction markets. Data from PredictIt showed an increase in Trump’s chances of winning, from $0.53 to $0.63. Meanwhile, Biden’s odds dropped from $0.48 to $0.37, as viewers observed his struggle with some responses. Trump’s performance, despite being marked by numerous misleading statements, appeared to bolster his position.
The next presidential debate on September 10 offers another opportunity for the candidates to address cryptocurrency issues.
