Meme coins took a big hit after the Trump vs. Harris debate. The cryptocurrency market reacted strongly to changing election odds. The debate happened on September 10, 2024, in Philadelphia. It covered topics like the economy, abortion rights, immigration, and foreign policy. Notably, digital assets weren’t discussed.
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Crypto Market Reacts to Trump vs. Harris Debate: Meme Coins, Election Odds, and Market Volatility
The debate’s aftermath shook up the crypto world. Meme coins tied to political figures were especially affected.
As election predictions shifted, so did these digital assets. This shows how closely politics and crypto are linked.
Trump-Themed Meme Coins Take a Hit
After the debate, Trump-themed meme coins fell sharply. PolitiFi meme coins’ total market value dropped 8.7%. Some coins fell even more.
MAGA (TRUMP) went down 10.0%. MAGA Hat (MAGA) fell 22.5%. Doland Tremp (TREMP) dropped 27.5%. Super Trump (STRUMP) decreased 12.3%.
Harris-Themed Coins See Modest Gains
Unlike Trump coins, the Kamala Horris (KAMA) meme coin rose 7.3%. Some saw this as a result of Harris’s strong debate performance. It also reflected the shift in election odds.
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Election Odds Shift on Betting Platforms
The debate affected more than just meme coins. It changed election odds on betting platforms too. On Polymarket, Trump’s chances of winning fell by up to three percentage points. This put Trump and Harris neck and neck for the first time on the platform.
Crypto fans were disappointed that cryptocurrencies weren’t discussed in the debate. This is despite crypto’s growing importance. Coinbase, a major crypto exchange, said:
“1 in 5 American adults own crypto. And yet it hasn’t been mentioned in the Presidential debates as an issue voters care about.”
Crypto Industry’s Political Investments
The debate highlighted crypto’s big political spending. Crypto companies like Coinbase and Ripple have put over $119 million into the 2024 elections. They support candidates who want clear crypto rules.
The Trump vs. Harris debate greatly impacted meme coins and election odds. This shows how unpredictable the crypto market can be.
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As the election nears, market watchers are looking for any news that could affect digital assets in the US.