Political Memecoins Might Be Biggest Winner In Trump Vs Biden Debate
Highlights
- Political memecoins are seeing intensive volatility in the market today
- These tokens might soon rally ahead of June 27 US Presidential elections
- This coming election is dubbed the first crypto elections in the US
Political memecoins are in the spotlight as the United States Presidential elections debate is set to air on June 27. Political memecoins are assets tied to the personalities of either President Joe Biden or Donald Trump.
Volatility Engulfs Political Memecoins
Over the past week, these political memecoins have been recording intensive volatility. While this volatility has favored the likes of Jeo Boden (BODEN) and Doland Tremp (TREMP) are down by 6.32%11.39% , MAGA is up 6% to $7.47 in 24 hours.
These memecoins’ performance is closely correlated with the activities of the aspirant they are designed to emulate. While the potential outcome of the forthcoming debate remains unknown, the entire Political memecoin ecosystem is buckling under uncertainty.
The broad negative drawdown in these asset class is worth reckoning with. While the two major tokens BODEN and TREMP have slumped over the past month, the former has suffered more brunt. This is due to the growing acceptance of former President Donald Trump who is now cozying up to the industry.
As analysts tracking the trend observed believes this debate might hold sway for the tokens. The conviction is that investors of political memecoins might check the respective crypto policies both candidates talk about to go long or short.
While memecoins are established for fund, many are notably transitioning to hold sway in crucial social discourse. Ahead of the debate, more drawdowns might be recorded, however, the upside potential is huge.
After a very wide discount, investors are likely to go all in, an embrace that might fuel a rerun to All-Time High (ATH) for these tokens.
The Broader Industry Influence
Though most investors will track the performance of political memecoins this week, eyes will also fix on Bitcoin (BTC).
The expectation is that former President Donald Trump might also mention his position on Bitcoin mining in the US. Earlier, he revealed he plans to retain the remaining hash power to make America the biggest Bitcoin miner. Besides accepting Bitcoin as campaign donation, Donald Trump has also labeled himself the “Crypto President.”
President Joe Biden is not letting the hype pass him by. His campaign team is notably exploring different avenues to cash in on the trend. Per the outlook thus far, experts have labeled this forthcoming election the first crypto election in the US.
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