In a dramatic turn of events, the value of PolitiFi Memcoins inspired by U.S. presidential candidates Joe Bidena and Donald Trump plummeted following their historic televised debate. This unexpected dip has caught the attention of crypto traders and crypto enthusiasts alike.
Read on to know the inside story of the surprising dip.
Several prominent PolitiFi memecoins, collectively known as PolitiFi coins, saw significant decline in value shortly after the debate. The total market cap of these coins fell to $1.14 billion, marking a 6.5% drop in the last 24 hours.
MAGA: This Trump-related coin experienced a 9.5% decline in the last 24 hours. Despite a 49.6% drop over the past 30 days, it showed a 6.0% rise in the past week. Its current market cap is $346.158.092 million, with a price of $7.87.
In the past 24 hours, Doland Tremp and Super Trump, other prominent Trump-inspired coins, fell 17.6% and 24.7%, respectively.
Jeo Boden: Lined to Joe Biden, this coin saw a massive 37.2% drop in the last 24 hours. It has fallen 74.1% over the past month and 14.3% in the last week. Its market cap stands at $58.68 million, with a price of $0.08189.
Max Jones, founder of Memepad, noted that the volatility of these coins is tied to the hype surrounding the politicians they represent. As the U.S. Presidential election campaign intensifies, these coins may serve as an unusual gauge of candidate popularity. However, their growth also depends heavily on broader market trends.
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 unique reflection of the current political climate and market sentiment.
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