The first public presidential debate, which could significantly impact the future of both the U.S. and the cryptocurrency world, took place recently. The debate holds substantial economic importance. During this period, a noticeable decline occurred in meme coins related to Trump and Biden.
MAGA Price Plummets
In June, the MAGA (TRUMP) coin, which had risen significantly due to former President Donald Trump's strong appearance and support for cryptocurrency, approached $17. However, the price took a sharp downturn afterward.
Recently, MAGA first fell to $11, then below $10, reaching $9.4. During the debate, the price dropped vertically by 25%.
As of the time of writing, the MAGA price stands at $7.22. Its market cap is $317 million, ranking it 213th by volume. The 24-hour trading volume increased by 172% amid heavy selling pressure, reaching $23 million.
The reason for the price drop following Trump's seemingly successful debate performance remains unknown.
Meanwhile, it's known that Donald Trump aims to turn the U.S. into a cryptocurrency hub, and it's intriguing how this might play out if he wins the election.
Jeo Boden Falls
Similarly, the Jeo Boden (BODEN) token, inspired by current President Joe Biden, also experienced a noticeable decline.
As of the time of writing, the BODEN price is $0.084, following a 32% drop in the last 24 hours, most of which occurred in the past few hours.
BODEN's market cap is $64 million, while its trading volume surged by 92%, reaching $29.2 million, seemingly triggering the price drop.
It's not incorrect to say that the price movements align with the inherent nature of meme coins, which are known for their high volatility.