Analysts Say Political Meme Coins to Remain Volatile as US Presidential Debate Looms

Chain experts have warned that politically themed memes will remain volatile for the next seven days or more as the US presidential debate approaches.

Bitfinex analysts He said PolitiFi tokens have become speculative assets on the upcoming election results; Hence, you may witness dramatic highs and lows before, during and after the debate between the two main candidates, current President Joe Biden and former President Donald Trump.

PolitiFi tokens witness volatility

Over the past few months, the cryptocurrency market has seen the launch of several Trump and Biden-themed tokens, such as the Ethereum-based Super Trump (STRUMP), Maga (TRUMP), BNB Smart Chain-based Maga Hat (MAGA), and Geo Boden (BODEN). ) and Solana-based Doland Tremp (TREMP).

These meme coins have gained market values ​​and volumes reaching into the millions of dollars as members of the cryptocurrency community continue to trade them. Data from Coingecko's PolitiFi token class Offers The meme has a collective market capitalization of over $1 billion and a 24-hour trading volume of over $256 million.

The US presidential debate between Biden and Trump, scheduled to be broadcast live on June 27, will see both candidates unveil their proposed policies. The duo will discuss legislative processes, and will likely touch upon frameworks affecting cryptocurrencies. Bitfinex analysts believe that discussions regarding general capital gains taxes and cryptocurrency taxation policies would be of interest to the community and could impact the market.

“There could be a significant movement of Politifi tokens during and after the debate depending on their performance as these tokens have turned into speculative assets in themselves in terms of election results. What could be interesting and have an impact on the market is the debate on capital gains taxes,” analysts said. Money in general and tax policies on cryptocurrencies in particular.

The crypto community supports Trump

The cryptocurrency market is currently experiencing a decline, with leading assets such as Bitcoin (BTC) and Ether registration Losses of 10% and 8% in the past month, respectively. Likewise, PolitiFi tokens such as TRUMP, MAGA, TREMP, and BODEN declined significantly in the past week, recording double-digit losses. Notably, rumors about an official DJT token on the Solana network led to a further decline in Trump-related tokens.

Meanwhile, senior members of the cryptocurrency community announced their support for Trump due to his pro-crypto stance. Yesterday, the co-founders of cryptocurrency exchange Gemini, the Winklevoss twins, revealed that they had donated $1 million in Bitcoin each to Trump's campaign and would vote for him.