As the upcoming televised United States presidential debate between former U.S. President Donald Trump and President Joe Biden approaches, analysts forecast significant volatility for political memecoins. According to analysts at Bitfinex crypto exchange, tokens inspired by the two political figures could see substantial price swings during and after the debate.
Memecoin Experienced Significant Declines
In recent years, political memecoins, or Politifi tokens, have gained popularity with many created to satirize or support political figures. Among these are Ethereum-based tokens like Super Trump and Maga, and Solana-based tokens with intentionally misspelled names like Jeo Boden and Doland Trump. These tokens often reflect the sentiments and humor of the political landscape, making them highly susceptible to news and events.
The Bitfinex analysts suggest that the high-profile debate could catalyze the price movements in these tokens. Such volatility is common in the cryptocurrency market, especially for meme tokens, which are inherently speculative and driven by social sentiment.
Trump Positions Himself as the Crypto President
Early this month, Trump declared his position to become the crypto president, signaling a significant pivot towards the burgeoning digital asset industry. Trump reiterated his strong support for the cryptocurrency industry and outlined his plans to propel the sector forward.
Also, he contrasted his stance with that of the Democratic Party, which he claimed is pursuing a path of stringent regulations, often referred to by the crypto community as a regulation-by-enforcement. According to Trump, this approach could stifle innovation and hinder the growth of the crypto market in the United States.
Meanwhile, beyond memecoins, Trump’s advocacy for cryptocurrency represents a significant shift in his political strategy. As he seeks to reestablish his position in American politics, his embrace of the crypto sector aligns with a broader trend of increasing acceptance and integration of digital assets in mainstream finance and politics.
Joe Biden Likely Maintains His Anti-Crypto Stance
Just when it felt like Joe Biden was changing his anti-crypto stance, he made a move that suggests otherwise in the latest Securities and Exchange Commission nomination. President Biden supported the renomination of anti-crypto SEC Commissioner Caroline Crenshaw.
Previously, Biden’s administration reached out to crypto firms to learn from those who know the intricacies of the “crypto community and crypto policy.” Many people believed that they had suddenly realized the potential impact their stance on crypto has on the presidential race that will happen in November 2024. At this point, Biden must take a stand whether crypto or anti-crypto.
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