The first debate of the 2024 US presidential election between incumbent 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 cryptocurrencies.
After the debate began, the prices of several memecoins that featured the two candidates as themes experienced a sharp drop. According to data from CoinGecko, the Trump-themed memecoin MAGA (token code TRUMP) on the Ethereum blockchain fell nearly 20% in the past four hours, MAGA Hat (token code MAGA) dropped about 18%, and the Biden-themed memecoin Jeo Boden (token code BODEN) experienced a significant drop of 37% in the past four hours. On the Solana chain, the memecoin TREMP also fell by about 20%.
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CoinGecko
Max Jones, the founder of Memepad, believes that with the intensification of the US presidential campaign, memecoins may become a popularity gauge among the candidates. In an interview with “The Block,” Jones stated that according to analysts from the cryptocurrency exchange Bitfinex, Trump is seen as a supporter of innovation in the cryptocurrency industry. The analyst mentioned that prominent figures in the crypto field, the Winklevoss twins, have donated $2 million worth of Bitcoin to Trump’s campaign to show their support. “This move indicates that Trump is increasingly seen as a candidate supportive of innovation in the cryptocurrency and traditional financial communities.”
The Bitfinex analyst also believes that a victory for Trump in November would indicate a shift towards more favorable regulatory conditions for the US cryptocurrency industry, stating, “Trump has expressed support for Bitcoin and other cryptocurrencies during the campaign, which sharply contrasts with the current government’s cautious and regulatory-focused approach.”
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Related reports: “Trump meets with Bitcoin mining executives, pledges support for miners in the White House,” “Criticizing Biden’s lack of understanding of cryptocurrencies, Trump claims to be ‘very knowledgeable’ and plans to accept crypto donations,” “Concerned about losing votes? Insiders say the Biden team is actively engaging with cryptocurrency industry experts.”
