Following a heated debate between Donald Trump and Kamala Harris, the cryptocurrency market experienced significant turbulence, particularly impacting Trump-themed meme coins.
Several meme coins associated with Trump suffered notable losses. PolitiFi meme coins saw their market capitalization drop by 8.7%. Specific coins such as MAGA (TRUMP) and MAGA Hat (MAGA) experienced declines of 10.0% and 22.5%, respectively. Doland Tremp (TREMP) faced the most substantial loss at 27.5%, while Super Trump (STRUMP) decreased by 12.3%.
Conversely, the Kamala Horris (KAMA) meme coin bucked the trend, rising by 7.3%. This fluctuation in coin values reflects changes in election odds on platforms like Polymarket, where Harris's chances of winning increased by 3%, and Trump's decreased by the same margin. Both candidates are now closely matched on this decentralized betting platform.
PolitiFi Meme Coins Market Capitalization. Source:CoinGecko
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The debate has reignited discussions among analysts about the impact of political figures on cryptocurrency markets. Bernstein analysts had previously suggested that a Trump victory could drive Bitcoin’s value to $90,000 by year-end, owing to his favourable stance on crypto. In contrast, under a Harris presidency, the outlook remains uncertain, with potential fears of Bitcoin dropping to $40,000.
The cryptocurrency industry has heavily invested in the 2024 elections, with companies like Coinbase and Ripple contributing over $119 million. The largest recipient of these funds, Fairshake PAC, received $202.9 million, more than half of which came from crypto corporations.
2024 Election Forecast. Source:Polymarket
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Despite the significant financial contributions from the crypto sector, the absence of cryptocurrency discussions during the presidential debates has been noted with disappointment by the community. Coinbase highlighted that one in five American adults own cryptocurrency, yet it remains a non-issue in the debates.
The recent market shifts illustrate the volatile nature of meme coins and raise questions about the long-term stability of political-themed cryptocurrencies, especially when tied to such fluctuating public events.
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