Political Sentiment Influencing The Biden And Trump Meme Coin Prices
During the recent presidential debate between current U.S. President Joe Biden and the ex-president and Presidential Candidate, Donald Trump presented their views on various topics like the economy, abortions, wars, immigration, etc. With both sharing their opinions, cryptocurrency was not the topic of discussion, but despite that, many cryptocurrencies faced the impact of this debate. The cryptocurrencies here refer to the Biden and Trump Meme Coins, which had their share of drop with debate.
The first Presidential Debate just ended with no mention of #crypto. pic.twitter.com/XdtGcZfsh6
— Terminus (@terminus_pos) June 28, 2024
Donald Trump had a negative perspective during his presidency, but things have reversed this time. It is because, on multiple occasions, Donald has shown his incline toward this sector. Earlier, he called himself “Crypto President,” with his grown involvement from Non-Fungible Token (NFT) to the meme coins.
Around seven Trump-meme coins now exist in the market, whereas only one is based on the Joe Biden, called Jeo Boden, hinting at Trump’s dominancy in this field. More importantly, these trump meme coins exist with Trump-promoting slogans like MAGA, which stands for Make America Great Again, or Free Trump, when he was convicted, etc.
Biden And Trump Meme Coin Decline With Presidential Debate
Meme Coins inspired by these political people have faced quite a decline during the presidential debate, where the pairs collectively lost almost half of their value. The MAGA (TRUMP) meme coin started to fall even before the debate began, causing a drop from its value of $9.6 to $7.19. Within a few hours, this Trump meme coin has lost 25% of its value. At the same time, Jeo Boden (BODEN) fell 53%, where its price has moved from $0.17 to $0.07.
This is not the first time such political events have affected these celebrity-based meme coins. Earlier, during the news of Donald Trump conviction, the trump meme coins had a similar experience.
With the next debate scheduled on September 10, 2024, another similar experience might happen. However, as the analysts anticipate the discussion of digital assets, a different result might occur.
Which Meme Coi Is Winning On Charts Between MAGA & JOE BODEN?
Jeo Boden has been part of the crypto industry for three months and has surged 121% since the start. Despite the bullish month of March, BODEN’s price reached the top in early April, creating the all-time high target of $1.07, followed by a downtrend. It has lost more than 91% of its value since then, currently valued at $0.07509 after a 47% drop in the last 24 hours.
On the other hand, MAGA (TRUMP) has a significant recovery from the drop but is still in a 10% decline in the 24 hours, bringing its value to $8.02. Compared to BODEN, TRUMP has been out in the market for much longer and has surged as high as $17.52, which is 54% higher than the current value. Since its launch, it has offered 48346% gains and has recently hit an all-time high at the beginning of the month.
Overall, TRUMP has a better price-performance thanks to its longer presence in the market and Donald Trump’s active speaking about the industry.
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