Donald Trump-themed Mimecoin sells off after presidential debate with Vice President Kamala Harris

adminSeptember 11, 2024

A meme coin inspired by former President Donald Trump sold out on Wednesday after the first and likely only debate between him and current Vice President Kamala Harris ahead of the November U.S. presidential election.

The total PolitiFi market cap is approximately $535 million. 9% According to CoinGecko, it has decreased in the last 24 hours. Political Finance or PolitiFi is a politician-inspired mimecoin that is not officially affiliated with anyone.

“The market is reacting prematurely to Harris’s better-than-expected performance so far in the debate,” Peter Tseng, head of research at Presto, said Tuesday night.

Mark

-21.06%
(ticker: erase

-12.78%
), the largest of these tokens with a market cap of $132 million, fell 16%. Super Trump (STRUMP) fell 10%, while MAGA Hat (MAGA) and Doland Tremp ( Trump

-20.63%
) fell even steeper, down 22% and 28%, respectively. Other Trump-centric tokens that saw significant selloffs (i.e., at least 20%) include Dark MAGA (DMAGA) and Fight to MAGA (FIGHT). The Kamala Horris (KAMA) token fell around 11%.

This type of price action for these mimecoins has become common during these types of events. The coin also saw a selloff after the Trump-Biden debate and the X live interview between Trump and Elon Musk.

“The general consensus seems to be that the US presidential debate was an event to sell news, that Trump’s performance was below expectations compared to his previous debate with Biden, and that this debate was a loss for him,” Bitfinex analysts said.

During the 90-minute discussion, the topic of cryptocurrencies was not mentioned at all.

“Trump has been seen as friendly to the industry, promising to end what he calls an ‘illegal and un-American crackdown’ on the U.S. cryptocurrency industry. The Republican presidential nominee has also made inroads into the industry by selecting a crypto-friendly candidate. JD Vance As his running mate promise to defend “For Bitcoin Miners,” The Block’s Sarah Wynn previously reported.But Harris started Reach Her team, which has entered the cryptocurrency industry, wants to learn more about it, the source said.

Meanwhile, on Wall Street, Trump Media & Technology Group Corp (ticker: DJT) was down 11% as of press time, extending a nearly 60% decline over the past six months.

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adminSeptember 11, 2024