In the recent 2024 US Presidential debate, the topic of cryptocurrency was notably absent, yet the market’s reaction was anything but silent. Memecoins, particularly those inspired by the presidential candidates, saw significant movement.
The debate, which was the first of two, saw millions of American viewers tune in to witness the verbal duel between Republican Donald Trump and the Democratic incumbent, President Joe Biden.
The crypto community has been abuzz with discussions about the candidates’ positions on digital assets. Trump has self-proclaimed his title as “The Crypto President,” whereas Biden’s campaign has faced criticism for what many see as an antagonistic approach to the sector, underscored by ties to Gary Gensler.
Despite the pre-debate buzz around cryptocurrencies, the debate itself skirted the issue, with no mention of Bitcoin (BTC) or any other digital currency.
Yet, the memecoins bearing the candidates’ names made headlines with their volatile responses. MAGA (TRUMP), a memecoin that took a hit amid speculation of Trump endorsing an official memecoin, saw a 33% surge from its 24-hour nadir of $7.22 to a zenith of $9.61 post-debate. In contrast, Jeo Boden (BODEN) plummeted, dropping 58% from its 24-hour peak of $0.1715 to a trough of $0.07204.
At the time of writing, BODEN’s value stands at $0.07917, marking a 37% decline for the day, while TRUMP has adjusted to a current value of $7.24, down 19% in the same timeframe.
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