As a seasoned analyst with over two decades of experience in financial markets and politics, I find it intriguing to observe the correlation between political events and meme coin performance. The recent debate between Donald Trump and Kamala Harris has undeniably left its mark on the crypto market, particularly the meme coins linked to these candidates.
During the debate between Republican presidential candidate Donald Trump and Democrat candidate Kamala Harris, the value of meme coins associated with him noticeably decreased. Post-debate, the overall market cap of PolitiFi meme coins dropped by 8.5%, as reported by CoinGecko data.
Initially, Super Trump (STRUMP) decreased by 12.3%, whereas MAGA (TRUMP) dipped by a more substantial 10%. The Doland Tremp (TREMP), another meme coin, saw a decline of 27.5%. Intriguingly, Pepe (TRUMP) exhibited an increase of 26.8%, but it dropped dramatically by 96.6% over the past week. At the moment, MAGA Hat has plummeted by approximately 31.1% in the last 7 days.
Interestingly, the Kamala Horris (KAMA) meme coin linked to the vice president also fell by 5.4%.
Trump Debate Performance May Be Cause for Meme Coin Crash
The responses to the debate indicate that Donald Trump didn’t live up to his supporters’ high expectations, potentially contributing to the fall of meme coins. For example, Elon Musk, CEO of Tesla and X’s chairman, commented on a post that Kamala Harris surpassed most people’s expectations at the debate, even though the moderators seemed biased against Trump.
Adam Cochran, a partner at venture capital firm Cinneamhain Ventures (CEHV), characterized Donald Trump as “running out of steam.” In a post on X, Cochran suggested that Trump appeared worn-out and displeased, implying that the campaign may be draining the former president. In a subsequent post, Cochran also pointed out differences between Trump’s initial and current campaigns. As per the CEHV partner, during his previous run, Trump was promoting a “MAGA” agenda with aspirations for specific accomplishments. However, this time around, he primarily uses his speaking time to defend his statements.
Economist Alex Krüger noted that while Harris appeared composed, Trump seemed irritable and even unstable at times. Notably, Krüger also leveled criticism towards the ABC moderators, claiming they favored Harris, an observation that aligns with Musk’s critique. This implies that the decline in meme coin values might be due to a debate perceived as underwhelming by many viewers.
Nealy Equal Odds of Winning on Polymarket
At the moment, the prediction trends lean towards Harris on the decentralized platform Polymarket. Although it’s a tight race, Harris is predicted to win about 50% of the time, while Trump has roughly a 48% chance. However, when it comes to financial backing, Trump currently leads with $132.3 million in support, compared to Harris’s $116 million.
Regardless of different perspectives, each contender asserted they excelled in the debate and attacked their rival. A statement from Trump’s camp declared he gave a “superb” performance during the debate, while alleging that Kamala has shown an “appalling record of failure” over the past four years.
Contrarily, Kamala’s team stated that she “dominated the discussion on every relevant topic for the American public”. They further criticized Donald Trump as being unclear and claimed his sole agenda is to increase expenses for the middle class and lead the nation in a regressive direction.
Despite consistently expressing his commitment to backing the cryptocurrency sector and aiming to establish the U.S. as an industry frontrunner, neither contender brought up the topic during the debate.
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2024-09-11 14:05