Translation US Presidential Debate Ignores Cryptocurrencies Resulting in Significant Drop of Related Meme Coins

Translation US Presidential Debate Ignores Cryptocurrencies Resulting in Significant Drop of Related Meme Coins

Translation US Presidential Debate Ignores Cryptocurrencies Resulting in Significant Drop of Related Meme Coins

The first presidential debate for the 2024 US election between current President Joe Biden and former President Donald Trump ended earlier on Friday (28th) in Taiwan time. The 90-minute debate covered topics such as the economy, abortion, immigration, and foreign policy, but did not mention cryptocurrency. After the debate began, the prices of several meme coins based on the two candidates plummeted. According to data from CoinGecko, the Trump-themed meme coin MAGA (token code TRUMP) on the Ethereum blockchain fell nearly 20% in the past four hours, MAGA Hat (token code MAGA) fell about 18%, and the meme coin TREMP on the Solana chain fell about 20%. The Biden-themed meme coin Jeo Boden (token code BODEN) also experienced a significant drop in the past four hours, with a decline of up to 37%. Memepad founder Max Jones believes that as the US presidential campaign heats up, meme coins in the PolitiFi sector may become a popular gauge of candidate popularity. According to analysts at cryptocurrency exchange Bitfinex, Trump is seen as a supporter of innovation in the cryptocurrency industry. The analyst mentioned that well-known figures in the crypto field, the Winklevoss twins, have donated $2 million in Bitcoin to Trump’s campaign to show their support, “indicating that Trump is increasingly seen as a candidate who supports innovation in the cryptocurrency and traditional financial communities.” The Bitfinex analyst also believes that Trump’s victory in November will signal a shift towards more favorable regulatory conditions for the US cryptocurrency industry, stating that “Trump’s support for Bitcoin and other cryptocurrencies during the campaign contrasts sharply with the current government’s cautious and regulatory approach.”