PolitiFi Memecoins Crash as Biden and Trump Clash in Debate, BTC Price Stays Resilient

As President Joe Biden and candidate Donald Trump clashed in a lively debate, the cryptocurrency market felt immediate effects.

The cryptocurrency market reacted swiftly as President Joe Biden and candidate Donald Trump engaged in a lively debate. Specifically, PolitiFi memecoins, which are digital tokens themed after political figures, experienced significant price drops.

The TRUMP coin, which is themed after the “Make America Great Again” slogan, began its descent 20 minutes before the debate. By press time, the coin had dropped by 16.58%. The sell-off saw the token fall from $10 to $7.

Immediate resistance is formed by a confluence of the 50-day and 20-day EMAs. Should the bulls overcome this resistance a second test will come at the 200-day EMA, which also happens to be the rectangular resistance.

Meanwhile, the Biden-themed BODEN coin took a steeper plunge, dropping over 53% from its daily high.

Market Overview

Beyond individual losses, the broader landscape of PolitiFi tokens showed a volatile response to the debate proceedings. Other notable tokens like STRUMP and BABYTRUMP also saw declines in double digits.

Interestingly, the general cryptocurrency sector, which is represented by Bitcoin, managed a modest increase of 1.1% during the same timeframe. This highlights a disconnect between traditional crypto assets and the politically themed tokens.

Why PolitiFi Tokens are Crashing

During the recent debate between President Joe Biden and candidate Donald Trump, which covered topics ranging from the economy to social issues, neither candidate directly addressed the burgeoning cryptocurrency sector.

This omission occurred despite significant financial backing from crypto-focused political action committees for the ongoing election cycle.

With one more debate scheduled, the crypto community is keeping a close eye on the proceedings, hoping for recognition of their growing industry in future discussions.

Additional Observations

Max Jones, the founder of Memepad, believes that the PolitiFi memecoins could act as a popularity check on the various candidates as the U.S. presidential election campaign heats up.

“While their volatility is tied to the hype around the politicians they track, their growth also takes a deep leaning toward the broader market,” said Jones. “It remains to be seen which of these memecoins will stand the test of time, but for now, they serve as an unconventional litmus test for Trump, Biden, and Robert F. Kennedy, Jr (RFK).”

Also Read: Kraken CEO Jesse Powell Donates $1M in Crypto to Trump