Donald Trump-themed memecoins sell-off following presidential debate with VP Kamala Harris
Memecoins inspired by former President Donald Trump are selling off Wednesday following the first, and possibly only, debate with current Vice President Kamala Harris ahead of the U.S. election in November.
The overall PolitiFi market cap stands at around $535 million, a 9% decrease in the last 24 hours, according to CoinGecko. Political Finance, or PolitiFi, memecoins inspired by political figures and have no official affiliation to any of them.
“The market is showing a knee-jerk reaction to seemingly a better-than-expected performance by Harris in the debate so far,” Presto's head of research Peter Chung said Tuesday night .
MAGA -20.07% (ticker: TRUMP -14.32% ), the largest of these tokens with a market cap of $132 million, is down 16%. Super Trump (STRUMP) is down 10%, while MAGA Hat (MAGA) and Doland Tremp ( TREMP -28.34% ) are down a steeper 22% and 28%, respectively. Other Trump-centric tokens seeing significant selloff (i.e., at least 20%) include Dark MAGA (DMAGA), Fight to MAGA (FIGHT). The Kamala Horris (KAMA) token is down about 11%.
The price action in these memecoins has become typical during such types of events, as the coins witnessed similar selloffs following Trump's debate with Biden as well as Trump's live X interview with Elon Musk.
"The U.S. presidential debate was a sell-the-news event, with Trump’s performance underwhelming in comparison to his previous debate against Biden, and the consensus view seems to be that it was a loss for him," Bitfinex analysts said .
During the 90-minute debate, the topic of cryptocurrency never came up.
"Trump has been seen as the friendlier toward the industry with promises to end an 'unlawful and un-American crackdown' on the U.S. crypto industry. The Republican presidential candidate has also made inroads with the industry by selecting crypto-friendly J.D. Vance as his running mate and promising to advocate for bitcoin miners," The Block's Sarah Wynn previously reported . "However, Harris has begun reaching out to the crypto industry and sources say her team wants to learn more about crypto."
Meanwhile, over on Wall Street, Trump Media Technology Group Corp (ticker: DJT) was down 11% at publication time, extending a nearly 60% drop over the past six months.
