Trump Meme Coins Drop After Debate, Harris Coins Rise
Trump-themed meme coins plunged after the debate, while Kamala Harris coins surged, reflecting shifting election odds in the crypto market.
Meme Coins React to Trump and Harris Debate
Following the first presidential debate between Donald Trump and Kamala Harris, meme coins associated with both candidates experienced significant market shifts. The debate, which did not touch on cryptocurrencies, disappointed many crypto enthusiasts, leading to a sharp reaction in the crypto market.
Meme coins linked to Donald Trump saw a major decline, while Kamala Harris-themed coins enjoyed a boost, reflecting the changing election odds on platforms like Polymarket. The crypto market closely followed the debate’s outcome, with several coins reacting accordingly.
Trump Meme Coins Plummet, Harris Coins Surge
After the debate, which focused on topics like the economy, immigration, and foreign policy, many Trump-themed meme coins saw substantial drops. For example, the PolitiFi meme coins market capitalization fell by 8.7%, with some specific coins suffering even steeper declines. MAGA (TRUMP) dropped by 10%, while MAGA Hat (MAGA) fell by 22.5%. Another coin, Doland Tremp (TREMP), declined by 27.5%.
On the other hand, Kamala Harris-themed meme coins surged following the debate. The Kamala Horris (KAMA) coin rose by 7.3%, mirroring a rise in Harris’s election odds on decentralized betting platforms. After the debate, Harris’s chances of winning increased by 3%, while Trump’s odds dropped by the same amount, making the two candidates nearly equal in the polls.
Political Influence on the Crypto Market
Analysts have long debated how political events impact the cryptocurrency market, and this latest debate is no exception. Some believe that a Trump victory could lead to a significant rise in Bitcoin’s value, given his historically pro-crypto stance. Others speculate that a Harris presidency could bring more uncertainty to the market, with fears of Bitcoin potentially losing value under her leadership.
Beyond individual coins, the crypto industry has made major political investments in the 2024 election, pouring millions into supporting candidates who favor clear crypto regulations. Companies like Coinbase and Ripple have contributed heavily to Fairshake PAC, which received over $202 million in donations, with more than half coming from crypto corporations.
Despite these investments, the lack of cryptocurrency discussions during the debates has left many in the crypto community frustrated. Coinbase recently emphasized the importance of voters making their voices heard, noting that 1 in 5 American adults own cryptocurrency, yet it remains an under-discussed issue in the presidential race.
The market’s reaction to political events like debates is a reminder of how intertwined cryptocurrencies and politics have become, with many in the industry hoping for more attention to crypto regulation as the 2024 election draws closer.
