Political Meme Coins Plunge 6% As Donald Trump And Joe Biden Fail To Mention Crypto In First Presidential Debate

Updated: 28 June 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

The first presidential debate between President Joe Biden and his would-be successor Donald Trump failed to mention crypto, triggering a 6% plunge in political meme coins over the past 24 hours.

The absence of discussion around crypto was a disappointment to investors after digital lobbyists had raised millions of dollars to contribute to election campaigns, and after Trump had turn pro-crypto and the Biden administration began softening its hardline stance against the industry.

Multiple crypto-oriented super Political Action Committees (PACs) have raised around $202.8 million from key industry players. Meanwhile, $93.6 million has already been spent by these PACs to influence the elections. Despite this, the crypto space received no mention during the 90 minute debate.

Trump-Linked PolitiFi Tokens Among The Biggest Losers After Presidential Debate

The collective market cap of so-called PolitiFi tokens stood at just over $1.144 billion as of 3:35 a.m. EST as Trump Mania (TMANIA), Hunter Boden (HUNTBODEN) and Jeo Boden (BODEN) all suffered losses exceeding 30%.

Biggest political meme coin losers (Source: CoinGecko)

TMANIA was the biggest loser, registering a loss of more than 40%. Super Trump (STRUMP) and BABYTRUMP (BABYTRUMP) joined the top 5 biggest losers list as well

Polls Show Voters Are Not Too Concerned With Crypto

Gallup polls from May show that voters aren’t too concerned about crypto. The US economy in general, high living costs, the federal budget deficit, unemployment and the gap between the rich and the poor were the biggest economic problems that voters are focusing on, according to the polls.

Although voters seem to prioritize other economic issues above crypto, several industry players still believe that digital assets could be a major factor in the outcome of this election.

If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SEC
Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD

All he has done is make it nearly impossible for… https://t.co/uBKupxLhS9

— Mark Cuban (@mcuban) May 10, 2024

Shark Tank billionaire Mark Cuban has warned Biden that his loyalty to the hardline Securities and Exchange Commission (SEC) Chair Gary Gensler could cost him the White House.