In the wake of the recent Trump-Harris debate, MAGA (TRUMP), the meme coin themed around former President Donald Trump, has experienced a significant downturn. Trading at $2.88, MAGA has plummeted by 10.72%, with its market capitalization now standing at $126 million. This decline follows a drop in Trump’s projected chances of winning the upcoming election, as noted by Polymarket data.
MAGA Price Dive – A Closer Look
Once a shining star in the meme coin arena, MAGA peaked at an impressive $17.10 in June. However, the coin has since endured a dramatic fall, losing over 80% of its value. Despite this recent dip, MAGA remains astonishingly high, trading at 4513% above its initial launch price. The latest debate on September 10, mediated by ABC News, saw Trump and Vice President Kamala Harris spar on various issues but neglected to touch on cryptocurrency—an area where Trump has historically shown support.
Debate’s Impact on MAGA Coin
The debate’s omission of crypto topics seems to have influenced MAGA’s price. The odds of Trump’s electoral victory fell by 3% to 49%, while Harris saw a corresponding 3% gain in her favor. This shift in perception among voters has clearly impacted MAGA’s market performance. The lack of discussion on crypto during the debate, despite Trump’s previous promises to end the “un-American and unlawful crackdown” on the industry, has left many in the crypto community disheartened.
Trump’s Crypto Stance vs. Harris’s Approach
Trump’s campaign has been a beacon of hope for the crypto industry, promising a more favorable regulatory environment. In contrast, the Harris campaign has attempted to engage with the crypto sector through the Crypto4Harris initiative, yet has failed to deliver concrete measures. This disparity highlights the ongoing uncertainty in how presidential policies could impact the crypto landscape.
Also Read: MAGA Coin Surges 20% After Elon Musk’s “Make America Great Again” Meme
As the election campaign heats up, the crypto community is closely watching how candidates’ stances on digital currencies will influence market movements. For MAGA coin and other Trump-themed cryptocurrencies, the debate’s lack of focus on crypto could signify a broader trend of investor concern. With $119 million already funneled into super PACs supporting various candidates, the future of Trump-themed crypto assets remains closely tied to the political landscape.
As the 2024 election approaches, the interplay between political events and cryptocurrency markets will likely continue to drive volatility. Investors and enthusiasts alike will be keenly observing how the evolving political dynamics impact MAGA and other crypto assets in the coming months.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
