The first debate between Vice President Kamala Harris and former President Donald Trump ended without any mention of cryptocurrencies, leaving many crypto enthusiasts feeling overlooked. This has caused a significant drop in Trump-themed meme coins, which are now in freefall.
The debate, focusing on issues such as the economy, immigration, and foreign policy, sparked immediate reactions in the cryptocurrency market. Particularly hard hit were meme coins linked to Donald Trump. The market capitalization of PolitiFi meme coins saw an 8.7% decline following the debate, while individual coins experienced even steeper losses. MAGA (TRUMP) dropped by 10%, and Doland Tremp (TREMP) plummeted by 27.5%. Meanwhile, Kamala Harris-themed meme coins, such as Kamala Horris (KAMA), saw a 7.3% surge.
This volatility in the meme coin market reflects broader shifts in election odds on decentralized platforms like Polymarket. As Harris's chances of winning increased by 3%, Trump’s declined by the same amount, putting the two candidates neck and neck.
“1 in 5 American adults own crypto. And yet it hasn’t been mentioned in the Presidential debates as an issue voters care about. If you love crypto, make sure your voice is heard this November and pledge to vote,” Coinbase emphasized in a statement.
Despite the financial backing of pro-crypto candidates by major crypto companies like Coinbase and Ripple, which have invested over $119 million in the 2024 elections, the lack of discussion on cryptocurrencies during the debate has left many in the crypto community disheartened.
Source: Donald Trump-Themed Meme Coins in Freefall Following Fiery Debate With Kamala Harris