- The recent political developments in the United States have notably impacted the cryptocurrency market.
- Particularly, meme coins inspired by U.S. politicians have shown significant volatility following recent news events.
- Market trends indicate a divergence in performance between coins associated with Joe Biden and those linked to Donald Trump.
Discover how political news is influencing meme coin markets, with Biden-inspired tokens surging and Trump-related coins facing declines.
Impact of Political News on Meme Coin Performance
In the past 24 hours, the cryptocurrency market has experienced substantial activity, primarily driven by political developments in the United States. Reports of President Joe Biden testing positive for Covid-19 have created ripples in the market, particularly among meme coins associated with his name. As per Polymarket, there’s now a 63% probability of Biden withdrawing from the upcoming 2024 election race due to his diagnosis. This has caused significant rallies in tokens like Gabin Noosum (NOOSUM) and Kamala Horris (KAMA), which saw increases of over 209% and 100%, respectively.
Decline in Trump-Inspired Meme Coins
In stark contrast, meme coins inspired by former President Donald Trump have suffered notable declines. According to CoinGecko data, tokens such as MAGA (TRUMP) and Doland Tremp (TREMP) have depreciated by over 10% and 15%, respectively, in the last day. Additionally, the coin Jeo Boden (BODEN), also linked to Biden, has dropped by more than 23%. These shifts highlight the strong influence of political news on cryptocurrency markets, particularly within the PolitiFi sector.
Biden’s Health and Its Market Implications
President Biden’s recent health scare has added a layer of uncertainty to his re-election campaign. Despite his mild symptoms, the announcement from the White House cited that he will continue to fulfill his responsibilities while quarantining at his Delaware residence. This development was followed by a noteworthy prediction from Polymarket, which suggests a 63% likelihood of Biden stepping down from the 2024 race. Investors have responded quickly, propelling meme coins linked to his potential successors into bullish trends.
Nancy Pelosi’s Private Concerns
Further stirring the political pot, former House Speaker Nancy Pelosi privately conveyed to Biden that she doubts his ability to successfully contest against Trump in the upcoming elections. This revelation, coupled with Biden’s recent underwhelming debate performance against Trump, has further complicated his political standing and affected related meme coin markets.
Donald Trump’s Crypto Ventures
Amidst these political developments, Donald Trump is also making headlines with his ventures into the cryptocurrency space. Trump is preparing to launch his fourth NFT collection following the rapid sell-out success of his previous three. In a recent interview with Bloomberg Businessweek, Trump indicated that the demand for his digital collectibles remains high. His inaugural collection, released in December 2022, amassed approximately 648 ETH, roughly $785,000 at that time. These activities have garnered significant attention, albeit the value of Trump-inspired meme coins has witnessed a decline recently.
Conclusion
The current political landscape in the U.S. is creating significant waves in the cryptocurrency market, particularly affecting meme coins tied to prominent political figures. As President Biden grapples with health issues and Trump ventures deeper into the NFT space, these dynamics are likely to provoke continued volatility in the market. Investors should remain vigilant, keeping an eye on political news and its direct correlation with crypto trends.
