Memecoins
US presidential memecoins rise and fall after first Trump-Biden debate
Even though crypto was not mentioned during the first 2024 US presidential debate last night, memecoins based on the candidates’ likenesses reacted strongly.
Last night, millions of Americans watched the first of two debates between Republican candidate Donald Trump and incumbent Democratic President Joe Biden.
The two candidates’ positions on cryptocurrencies have been the subject of heated debate within the digital asset community. While Trump has billed himself As the “president of crypto,” Biden’s campaign has been criticized for what is perceived as a hostile stance toward the industry, as well as the administration’s close ties to Gary Gensler.
Despite the conversation around cryptography that led to last night’s debate, neither Bitcoin (Bitcoin) nor crypto were mentioned.
Regardless, two memecoins based on the candidates’ likenesses responded to the debate in spectacular fashion.
MAGA (ASSET), memecoin which recently crashed due to rumors that Trump would launch a official memecoin, jumped 33% from a 24-hour low of $7.22 to a 24-hour high of $9.61 in the hours following the broadcast. Meanwhile, Jeo Boden (BODEN) fell from a 24-hour high of $0.1715 to a low of $0.07204, a drop of 58%.
BODEN is worth $0.07917 at the time of writing, down 37% on the day. TRUMP has since corrected and is currently worth $7.24, down 19% over the same period.
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Image generated: Midjourney