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As the U.S. elections approach, discussions in the crypto space are heating up, especially around election-related cryptocurrencies. One of the most notable is MAGA Coin, created to support Donald Trump’s bid for re-election. This coin has become a speculative play, with many believing it could surge in value if Trump gains momentum in the race. At the time of writing, Bitcoin is trading below the crucial $57k mark and is down by more than one percent.
Presidential candidates Donald Trump and Kamala Harris are facing off tonight and MAGA got a special mention in the very beginning of the heated debate. Trump launched fresh attacks on Harris during the presidential debate, claiming she has adopted his own political philosophy. “I was going to send her a MAGA hat,” Trump remarked, adding, “It will be the end of our country. She’s a Marxist, everybody knows she’s a Marxist. Her father is a Marxist professor. He taught her well.”
However, the coin dipped and declined almost eight percent and is trading at $3.06 levels since Trump’s mention in the debate. While Trump has promised crypto-friendly policies, skepticism remains high.
Meme coins tied to Trump, such as TrumpCoin and MAGA Trump, are closely linked to his chances of winning the upcoming election. The recent dip suggests that Kamala Harris is gaining ground, particularly after tonight’s debate.
Doubts about Trump’s prospects are driving investors away, as polls show him struggling against Harris. This loss of confidence is also reflected in the drop of Trump’s media stock, which has hit a low point.
Trump and Harris’ anticipated event marks their first public encounter on stage following President Joe Biden’s withdrawal from the race in July, a decision many believe stemmed from his previous debate performance against Trump.