The recent public presidential debate, which has the potential to significantly affect both the United States’ future and the cryptocurrency market, took place with notable economic implications. During this period, meme coins associated with Donald Trump and Joe Biden experienced a substantial drop in value.
Why Did MAGA Prices Drop?
In June, the MAGA (TRUMP) coin saw a significant rise, reaching close to $17, driven by former President Donald Trump’s favorable stance on cryptocurrency. However, this upward trend did not last long. The MAGA price plunged to $11, then dipped below $10, hitting $9.4, and dropped by 25% during the debate. As of now, the MAGA coin is valued at $7.22, with a market cap of $317 million, ranking it 213th in volume. Despite the heavy selling pressure, 24-hour trading volume surged by 172%, reaching $23 million.
The exact reasons for the price drop, despite Trump’s seemingly successful debate, remain unclear. It is known, however, that Trump aims to transform the U.S. into a cryptocurrency hub, and it will be interesting to see how this plan unfolds if he wins.
What Happened to Jeo Boden?
Similarly, the Jeo Boden (BODEN) token, inspired by current President Joe Biden, faced a notable decline. As of now, the BODEN price stands at $0.084, following a 32% drop in the last 24 hours, with most of the decline occurring in the last few hours. BODEN’s market cap is $64 million, while its trading volume increased by 92%, reaching $29.2 million, likely contributing to the price drop. These price movements are characteristic of the high volatility inherent in meme coins.
Key Takeaways
– Meme coins are highly volatile and susceptible to rapid price changes.
– The presidential debate had a direct impact on the prices of meme coins associated with Trump and Biden.
– Heavy trading volume can indicate investor sentiment and market reaction.
In conclusion, the presidential debate influenced the meme coin market significantly, with both MAGA and BODEN experiencing substantial declines. This event underscores the volatility of meme coins and their susceptibility to external political factors. As the U.S. presidential race progresses, further fluctuations in the cryptocurrency market can be expected.