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- The evolving trend of Political Finance (PolitiFi) surrounding figures like Joe Biden and Donald Trump has gained momentum recently due to Hunter Biden’s conviction.
- The market capitalization of meme coins within the PolitiFi category, according to CoinGecko, fell by over 13% in the last 24 hours.
- Meanwhile, Bitcoin (BTC) and Ether (ETH) also experienced losses, with BTC declining by approximately 4% and ETH by around 5.4%.
An in-depth look at the volatile movements in the PolitiFi crypto sector and the impact of recent political developments on meme coins.
Significant Price Swings in Political Meme Coins
The recent conviction of Hunter Biden, son of the sitting US president Joe Biden, triggered a dramatic 45% drop in FreeTrump (TRUMP) within the last 24 hours. As for the largest PolitiFi coin by market capitalization, MAGA (TRUMP), it experienced a 13% drop. Notably, these tokens do not have any official connections to any political figures.
Hunter Biden Conviction Sparks Spike in Related Meme Coin
Following the pronouncement of the guilty verdict on June 12, Solana-based Hunter Boden (HUNTERBODEN) surged by over 30% in 24 hours, reaching $0.001514. On the other hand, Jeo Boden (BODEN), one of the year’s most popular meme coins, declined by 5.5% to $0.1855.
Political Developments Fueling Meme Coin Trends
As the US elections approach, the intensifying Joe Biden-Donald Trump rivalry is proving to be beneficial for the meme coin trend. Political developments related to such prominent figures can easily stir up movement in the meme coin sector. However, investors need to remain cautious. Given the nature of meme coins and the current market dynamics, increased volatility is a significant risk factor.
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Conclusion
In summary, the recent political events surrounding figures like Hunter Biden are having notable effects on the PolitiFi meme coin market. While these developments can drive significant price movements, it is crucial for investors to approach with caution due to the inherent volatility. Thorough personal research and risk assessment are essential before engaging in any investment decisions.
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