US Presidential Memecoins Rise and Fall Following First Trump-Biden Debate

Even though crypto was left unmentioned in last night’s first 2024 US Presidential debate, memecoins based on the candidates’ likenesses have responded strongly.

Last night, millions of Americans tuned in to watch the first of two debates between Republican candidate Donald Trump and incumbent Democratic President Joe Biden.

The two candidate’s crypto stances have been a matter of hot debate within the digital asset community. While Trump has billed himself as “The Crypto President”, Biden’s campaign has taken heat for what is perceived as a hostile stance against the industry, along with the administration’s close connections to Gary Gensler.

Despite the conversation surrounding crypto leading up to last night’s debate, neither Bitcoin (BTC) nor crypto was mentioned.

Regardless, two memecoins based on the candidates’ likenesses responded dramatically to the debate.

MAGA (TRUMP), a memecoin that recently crashed due to rumors of Trump launching an official memecoin, leaped 33% from a 24-hour low of $7.22 to a 24-hour high of $9.61 in the hours following the broadcast. Meanwhile, Jeo Boden (BODEN) crashed from a 24-hour high of $0.1715 to a low of $0.07204 — a 58% fall.

BODEN is worth $0.07917 at time of writing, down 37% on the day. TRUMP has since corrected and is currently worth $7.24, down 19% over the same period.

Generated Image: Midjourney