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Crypto markets proved sensitive to the political winds of the Presidential debate, with candidate-themed memecoins experiencing significant volatility despite the topic being absent from the discussion.
Among these, the BODEN memecoin saw a dramatic decline, plummeting over 40% in value.
The June 27 debate witnessed heated discussions on various topics, including the economy, immigration, war, and abortion. However, the cryptocurrency sector was notably absent from the debate topics despite its growing influence and the significant funds raised by crypto-focused super Political Action Committees (PACs) supporting the industry. Despite this omission, the market reacted, as memecoins inspired by the presidential candidates experienced heightened volatility.
The BODEN memecoin, named after President Joe Biden, suffered the most, falling over 50% from its 24-hour high during the debate night. The coin dropped from $0.17 to $0.08, before partially recovering to $0.091. At press time, Jeo Boden traded at $0.0782, down 42.05% in 24 hours. This significant decline highlighted the sensitivity of these tokens to political events and public perception.
Similarly, the Make America Great Again (MAGA)-themed TRUMP token began its descent about 20 minutes before the debate started. It fell 24.6%, reaching a price of $7.23. Other Trump-inspired tokens, such as Super Trump (STRUMP) and BABYTRUMP, also experienced double-digit losses during and after the debate.
While neither Trump nor Biden addressed cryptocurrency during their debate, market analysts and traders closely watched the event for any hints about future policies. Trump’s odds of winning the presidency increased, as reflected in the prediction markets platform PredictIt, where his chances rose from $0.53 to $0.63. In contrast, Biden’s odds dropped sharply from $0.48 to $0.37. This shift in market sentiment was partly due to Biden’s perceived weak performance during the debate, characterized by stumbling through some answers.
The fluctuations in these memecoin values reflect not only the candidates’ popularity but also the broader market dynamics. As the election campaign progresses, political-themed memecoins are likely to continue serving as a unique barometer of public sentiment and candidate popularity. The next debate, scheduled for September 10, will provide another opportunity to observe how political events influence the cryptocurrency market.
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