The recent Presidential debate on June 27 had an unexpected impact on the cryptocurrency market, particularly on candidate-themed memecoins. Despite crypto not being a topic of discussion during the debate, these memecoins experienced significant volatility. The BODEN memecoin, named after President Joe Biden, saw a drastic decline of over 40% in value. This illustrates the market’s sensitivity to political events and public perception.
In addition to BODEN, other candidate-themed tokens were also affected by the debate. The Make America Great Again (MAGA)-themed TRUMP token started its descent before the debate even began, dropping by 24.6%. Other Trump-inspired tokens, such as Super Trump (STRUMP) and BABYTRUMP, also experienced double-digit losses during and after the debate. Despite neither Trump nor Biden discussing cryptocurrency, market analysts closely monitored the event for potential policy hints.
The market reacted to the debate differently for each candidate, with Trump’s odds of winning the presidency increasing while Biden’s odds dropped sharply. This shift in market sentiment was influenced by Biden’s perceived weak performance during the debate. The fluctuations in these memecoin values not only reflect the candidates’ popularity but also the broader market dynamics. As the election campaign progresses, political-themed memecoins are expected to continue serving as a unique barometer of public sentiment and candidate popularity.
Looking ahead, the upcoming debate scheduled for September 10 will provide another opportunity to observe how political events impact the cryptocurrency market. As these memecoins remain sensitive to political winds, traders and analysts will be closely watching future debates for any potential market-moving developments. It is essential for readers to exercise caution and conduct thorough research before making any financial decisions related to cryptocurrency investments.