Washington, DC – Following the recent U.S. presidential debate, prices of memecoins based on the presidential candidates, TRUMP and BODEN, have seen significant fluctuations in the digital currency market. The debate sparked a flurry of memes and jokes on social media platforms, reflecting the public’s reaction to the candidates’ performances.
As attention surrounding the PolitiFi memecoins TRUMP and BODEN surged in the days following the debate, their prices experienced notable declines. BODEN’s token price plummeted by 26% in a 24-hour period, indicating a downward trend that had been building since the end of May. Conversely, TRUMP’s token saw a smaller decrease of 7% in the same timeframe, although signs of a bearish trend were evident prior to the drop.
The decline in price for both tokens coincided with shifts in social sentiment, as mentions and discussions around TRUMP and BODEN on various platforms diminished. Negative comments seemed to outweigh positive ones for both tokens, contributing to the downward pressure on prices. Technical indicators like the Relative Strength Index and Chaikin Money Flow also pointed to weakening bullish interest in BODEN and TRUMP.
Despite the negative price movements for the tokens, recent data suggests a rise in support for Donald Trump’s presidential re-election bid. Market indicators now show a 63% chance of Trump winning the 2024 Presidential Election, up from previous figures. Conversely, President Biden’s odds of winning a second term have decreased to 37%, reflecting shifting sentiments among investors and analysts.
Looking ahead, the potential impact of the election outcome on the price movement of the TRUMP token remains a point of interest for market participants. As the race for the presidency unfolds, further developments in the digital currency market are expected, influenced by changing public perceptions and political dynamics.