Joe Biden and Donald Trump didn’t discuss crypto in their first head-to-head debate, despite the industry raising billions to influence the elections; meanwhile, both the Jeo Boden memecoin and Trump-themed memecoins like Super Trump (STRUMP) and BABYTRUMP (BABYTRUMP) tanked, falling double digits during and after the debate.
Trump vs. Biden: A Crypto Silence
In the recent debate between President Joe Biden and former President Donald Trump, the topic of crypto was completely overlooked. Despite the significant financial contributions from crypto-backed super PACs, neither candidate mentioned anything about the industry. The debate, hosted by CNN, focused on the economy, abortion rights, immigration, and foreign policy. This omission disappointed many in the crypto community, who hoped for some discussion on digital assets.
Memecoins Take a Hit
While the debate raged on, the crypto market reacted sharply. Memecoins tied to the candidates experienced a significant drop. The Trump-themed TRUMP token began its decline just before the debate started, plummeting 24.6% during the event. Even more dramatically, the Biden-themed Jeo Boden (BODEN) coin fell over 53% from its high, indicating a strong market response to the debate’s proceedings. These price drops highlight how political events can significantly impact the volatile world of memecoins.
The Market’s Response to Silence
Despite the substantial investments by crypto super PACs, the absence of cryptocurrency discussions in the debate led to market disappointment. The TRUMP and BODEN coins were not the only ones affected; other Trump-related tokens like Super Trump (STRUMP) and BABYTRUMP also saw double-digit losses. The market seemed to have expected some acknowledgment or policy discussion on cryptocurrencies, which could have stabilized or even boosted these coins. Instead, the silence led to a sharp sell-off.
Prediction Markets and Crypto Sentiments
Interestingly, while memecoins were dropping, prediction markets were buzzing. Platforms like PredictIt showed increased confidence in Trump’s chances of winning, with his odds rising during the debate. In contrast, Biden’s odds fell. This shift in sentiment suggests that viewers perceived Trump’s performance more favorably, despite the lack of crypto discussion. The divergence between prediction markets and the memecoin market reaction underscores the complex relationship between political events and financial instruments.
The Next Debate
Crypto enthusiasts now look to the next debate on September 10 with a mixture of hope and apprehension. Will cryptocurrency finally get its moment in the spotlight? With substantial funds still being funneled into the election cycle by crypto interests, there is a strong push for candidates to address the industry’s concerns. Until then, the memecoin market will likely remain volatile, reacting to political cues and investor sentiment.
In summary, the recent debate between Trump and Biden had a notable impact on the crypto market, particularly on candidate-themed memecoins. The complete omission of crypto discussions left many in the industry disappointed and triggered significant price drops. As we approach the next debate, the crypto community remains hopeful for some recognition and clearer policy discussions on digital assets.