Biden-themed Solana memecoins fell sharply amid Biden-Trump first presidential debate
Key Takeaways
- Biden-themed Solana tokens plummeted during the Biden-Trump debate.
- No crypto mentions in debate despite high trader interest.
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Biden-themed Solana memecoins experienced a sharp decline during Thursday night’s first US presidential debate between Joe Biden and Donald Trump.
Jeo Boden (BODEN), a token that references a misspelling of US President Joe Biden’s name, fell sharply by over 40%, decreasing from approximately $0.15 to $0.08, according to CoinGecko.
Around the same time, Hunter Boden (HUNTBODEN), a memecoin that references Biden’s son, Hunter Biden, plummeted by 50%, from $0.006 to $0.003, while the Jill Boden (JILLBODEN) token decreased by 9% to $0.000103.
Trump-themed memecoins also saw a decline, with the Ethereum-based token MAGA (TRUMP) and the MAGA Hat token (MAGA) dropping 20% within the same timeframe.
The debate, which aired on CNN at 9 p.m. ET, did not mention Bitcoin or crypto, despite traders’ keen interest in its potential implications for the sector.
The 2024 US presidential election is entering its key months leading up to Election Day on November 5. Trump is currently viewed as a more crypto-friendly candidate after repeatedly demonstrating his support for Bitcoin and the crypto industry in recent months.
Standard Chartered predicts that a Trump win could boost the Bitcoin market, creating a favorable regulatory environment for the crypto market.
Meanwhile, several prominent crypto leaders and high-profile figures have voiced their support for Trump. The Winklevoss twins recently disclosed a $2 million Bitcoin donation to Trump’s campaign.
Additionally, in a recent interview, ARK Invest CEO Cathie Wood expressed her intention to vote for Trump. She said he would be the best choice for the US economy.
Billionaire entrepreneur Mark Cuban is skeptical about Trump and Biden’s understanding of crypto. However, he believes Biden may lose ground due to Gary Gensler, the US Securities and Exchange Commission’s chief, who is well-known for his tough stance on the crypto industry.
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Author: Vivian Nguyen
