The first debate of the 2024 US presidential election ended earlier today (28th) in Taiwan. Incumbent President Biden and former President Trump discussed topics such as the economy,, immigration, and foreign policy during the 90-minute debate but did not mention cryptocurrency.
After the debate, several meme coins with both candidates as themes experienced a sharp drop in price. According to data CoinGecko, TRUMP, a meme coin on the Ethereum blockchain with Trump as theme, dropped nearly 20% in the past four hours. MAGA Hat (token code MAGA) also by about 18%, while TREMP, a meme coin Solana chain, about 20%. Meme coin Jeo Boden (token code BODEN), based on Biden’s theme, also experienced a significant drop of up 37% in the past four hours.
Source:
CoinGecko
Max Jones, founder of Memepad believes meme coins may become a popularity gauge between candidates as the US presidential campaign heats up. Jones stated in an interview with “The Block”:
According to analysts from Bitfinex cryptocurrency exchange who see Trump as a supporter of crypto industry innovation. The analyst mentioned well-known figures in the crypto field like Winklevoss twins have donated $2 worth of Bitcoin to Trump’s campaign to show support for him. “This move indicates that Trump is increasingly seen as an innovative candidate supporting cryptocurrencies within both crypto and traditional financial communities.”
The Bitfinex analyst also believes that if Trump wins in November it will signify more favorable regulatory conditions for the US cryptocurrency industry and states: “Trump has shown his support for Bitcoin and other cryptocurrencies during his campaign which contrasts sharply with current’s cautious approach focusing on regulation.”
Data source:
Related reports:
“US Presidential Candidate Trump Meets Bitcoin Mining Executives; Promises to Advocate for Miners at White House”
“Trump Criticizes Biden’s Lack of Understanding Regarding Cryptocurrencies; Claims He is ‘Very Knowledgeable’ and Plans to Accept Crypto Donations”Worried About Losing Votes? Insider: Biden Team Actively Reaching Out to Cryptocurrency Industry Experts”