- BODEN memecoin experienced a 26% price drop post-debate, highlighting a bearish trend in its trading.
- TRUMP memecoin saw a milder decline of 7%, but both coins showed early signs of bearish market trends.
The recent U.S. presidential debate has sparked a flurry of activity on social media, with both candidates becoming the subject of numerous memes and discussions. This heightened attention has impacted the performance of related memecoins, namely TRUMP and BODEN, which are based on the presidential candidates.
In the aftermath of the debate, both coins experienced a downturn, with BODEN seeing a more pronounced decline. Over the last 24 hours, BODEN’s price dropped by 26%, continuing a downward trend that began just after June 31st.Â
This trend was characterized by consistent lower lows and lower highs, a classic indicator of a bearish market. Currently, BODEN is trading at $0.08186. Technical indicators such as the Relative Strength Index and Chaikin Money Flow for BODEN show significant declines, suggesting reduced investor interest and capital inflow.
$TREMP has officially flipped $BODEN
Not sure why anyone in this space that believes in crypto would ever bid on a left wing dem commy meme makes absolute zero sense to me.
The Biden regime is 100% anti crypto.
— POΞ (@Poe_Ether) June 28, 2024
In contrast, TRUMP’s coin saw a milder price decline of 7% during the same period. Despite this smaller dip, the TRUMP token also displayed early signs of a bearish trend. Social volume and weighted sentiment for TRUMP have both decreased, indicating a drop in popularity and more negative social commentary surrounding the token.
Looking forward, the performance of these memecoins could be further influenced by the political fortunes of their namesakes. Recent data indicates that Donald Trump’s likelihood of winning the 2024 Presidential Election has increased significantly, reaching a new high of 63%.
In contrast, the odds for President Biden to secure a second term have decreased from 48% to 37%. These political shifts could potentially sway the market dynamics for the TRUMP token positively in the near future.
gboden. Jill thinks I did really good and that I deserved my ice cream for a treat after the debate pic.twitter.com/MQOgbXfUhs
— Jeo Bodens Parody PFPs (@TheJeoBodens) June 28, 2024
As the presidential race heats up, the interplay between political developments and cryptocurrency valuations illustrates the unique volatility and market sentiment drivers within the memecoin sector. Investors and observers alike will be keenly watching how further political events might continue to influence these digital assets.
