TL;DR
- Memecoins inspired by Joe Biden and Donald Trump fell significantly during the first presidential debate.
- Jeo Boden (BODEN) and other Biden-related tokens suffered the biggest losses.
- Cryptocurrency was not mentioned during the debate, despite great interest from traders.
During the first presidential debate between Joe Biden and Donald Trump, memecoins associated with both candidates saw significant drops.
Biden-themed tokens were the most affected, highlighting the case of Jeo Boden (BODEN), which suffered a drop of more than 44.54%, standing at $0.07924, according to Coinmarketcap.
Other tokens like Hunter Boden (HUNTBODEN) also plummeted, with a 50% loss, and Jill Boden (JILLBODEN) declined 9%.
Not only Biden-related tokens were affected; Trump-inspired memecoins also suffered declines.
The MAGA (TRUMP) token fell by 10.37%, standing at $8.03, according to official data.
Despite traders interest in the potential impact of politics on the cryptocurrency market, neither Biden nor Trump mentioned Bitcoin or cryptocurrencies during the debate, which focused on topics such as the economy, immigration, wars, and abortion.
The debate took place on June 27 at 9 pm ET and was broadcast on CNN.
Although the cryptocurrency sector was not mentioned, the repercussions on memecoins were notable.
The market reflected public perception and performance of the candidates during the debate, with tokens associated with Biden and Trump reacting significantly.
Impact on the memecoin and cryptocurrency market
The fall of memecoins occurred in a context where interest in cryptocurrencies in the political sphere is high.
Despite this, the omission of the topic during the debate surprised many observers.
The lack of discussion about cryptocurrencies is especially notable considering that several pro-crypto political action committees have raised more than $200 million to influence the 2024 elections.
Trump is seen as a more favorable candidate for the cryptocurrency industry, having expressed his support for Bitcoin on several occasions.
Some analysts, such as Standard Chartered, predict that a Trump victory could boost the Bitcoin market by creating a more favorable regulatory environment.
This support is also reflected in prominent figures in the crypto world, such as the Winklevoss twins, who recently donated $2 million in Bitcoin to Trump’s campaign.
Additionally, Cathie Wood, CEO of ARK Invest, has expressed her intention to vote for Trump, citing his potential to improve the American economy.
However, not everyone in the industry is convinced of both candidates’ understanding of cryptocurrencies.
Mark Cuban, billionaire businessman, has expressed skepticism about Biden and Trump’s knowledge in this area.
Cuban notes that Biden could lose ground due to SEC Chairman Gary Gensler‘s tough stance on the crypto industry.
The next opportunity for the candidates to discuss cryptocurrency-related issues will be on September 10, when the second presidential debate will be held.
Cryptocurrency traders and enthusiasts will be watching closely to see if the topic finally receives the attention that many consider crucial to the future of the sector in the United States.
