US Presidential debate impacts political memecoin market

As President Joe Biden and former President Donald Trump engaged in a historic televised debate, politically-themed memecoins experienced price fluctuations.

The market for these tokens, now valued at $1.3 billion according to Coingecko’s PolitiFi category data, has dropped by 7.5% in the last day. Furthermore, several prominent candidate-inspired memecoins saw significant declines during the debate.

On Ethereum (ETH), MAGA (TRUMP) fell 6.4% and MAGA Hat (MAGA) dropped 10.8% in an hour.