Memecoins
Politically themed Memecoins face steep declines amid market sell-off
Politically themed Memecoins face steep declines amid market sell-off
Memecoins, themed after US President Joe Biden and Republican leader Donald Trump, are seeing a bigger sell-off than the broader crypto market. THE Political memecoin the market capitalization fell by more than 13% in the last 24 hours. In comparison, Bitcoin fell by around 4%, while Ethereum fell 5.4% during the same period.
Those are the FreeTrump Token ($TRUMP)which saw its value drop by 45% in the last 24 hours. MAGA (ASSET), the largest PolitiFi coin by market cap at $560 million, also took a hit, down 13%. The market turmoil coincides with an important new policy. A federal jury found Hunter Biden guilty of three federal gun-related charges, determining that he violated laws intended to prevent drug addicts from owning firearms. This verdict marks an unprecedented event, as it is the first time that the son of a sitting president has been convicted of a crime while his father is in office, according to CNN.
Interestingly, as the guilty verdict was announced on Wednesday, the Solana-based Hunter Boden (HUNTERBODEN) token saw a surge, rising over 30% in the last 24 hours to 0 $.001514. This surge contrasts sharply with the overall decline of the PolitiFi sector. Meanwhile, another popular 2024 memecoin, Jeo Boden (BODEN), saw a 5.5% decline, trading at $0.1855.
The broader equity market also faced selling pressure ahead of Wednesday’s key macroeconomic updates. Investors are eagerly awaiting the monthly Consumer Price Index (CPI) report and the Federal Reserve’s monetary policy announcement. In recent weeks, expectations about the possibility of an interest rate cut by the Federal Reserve have eased, reinforcing the market’s sense of caution.