- PolitiFi memecoins tied to Joe Biden (BODEN) and Donald Trump (TRUMP, STRUMP, BABYTRUMP) tanked double digits during their presidential debate
- Neither Biden nor Trump mentioned cryptocurrency during the debate despite industry political action committees raising over $200 million
- Bitcoin managed to rise 1.1% during the 90-minute debate
Memecoins inspired by President Joe Biden and presidential candidate Donald Trump saw significant drops in price during and after the first live televised debate between the two on September 27. The debate mostly covered non-crypto issues, with neither candidate mentioning cryptocurrencies. However, the poor debate performance of both candidates appears to have damaged confidence in their associated memecoins.
The Fall of the PolitiFi Memecoins
The pro-Trump memecoins were hit hardest in the selloff. The TRUMP token dropped 24.6% during the debate, falling from $0.723 to $0.546. Meanwhile, the Jeo Boden token (BODEN) plunged over 53% from its 24-hour high of $0.017 to $0.008.
Other pro-Trump memecoins like Super Trump (STRUMP) and Baby Trump (BABYTRUMP) also posted double-digit losses overnight. The declines accelerated as Trump made numerous false and misleading statements during the debate, hurting confidence in his candidacy.
Biden-Inspired Tokens Also Decline
While less severe, tokens inspired by Biden also declined amid his poor debate performance. The former vice president appeared to stumble over his words at times, raising doubts about his candidacy. This likely contributed to the selloff in his associated memecoins.
Bitcoin Holds Steady as Memecoins Sink
Unlike the politically-themed memecoins, top cryptocurrency Bitcoin was unaffected by the debate. Bitcoin rose 1.1% during the 90-minute event to $60,736. This divergence highlights Bitcoin’s insulation from political developments in the U.S.
Conclusion
The poor debate performances of both Biden and Trump put significant pressure on their respective memecoins overnight. With another debate still to come, it remains to be seen if either candidate can stage a comeback and rebuild confidence in their cryptocurrency tokens. The political chaos has underscored the risks of betting on memecoins tied to real-world political figures and events.
