The recent presidential debate between Donald Trump and Kamala Harris wasn’t just a political showdown; it also played out in the volatile world of cryptocurrency. Two tokens, directly linked to the candidates, showcased a stark contrast in their fortunes during the heated exchange.
Maga Coin (TRUMP), rooted in the “Make America Great Again” movement, took a significant hit during the debate. The largest Trump-inspired token in terms of market capitalization plummeted more than 12%. This drop added to an overall decline of 10% over the previous 24 hours. Despite the downturn, trading volume for the $126-million token increased by over 14% in the same period, hinting at continued investor interest.
On the other hand, Kamala Horris (KAMA), a satirical coin referencing Harris, surged over 10% during the debate. This surge was accompanied by an impressive 88% jump in trading volume.
Both TRUMP, based on Ethereum, and KAMA, built on Solana, belong to a new category of cryptocurrencies known as PolitiFi tokens. These tokens, as the name suggests, inject political themes into the cryptocurrency space.
The debate between the former president and the current vice president was their first, and potentially last, major encounter before the crucial presidential elections in November. The 90-minute debate covered key issues like the economy, the cost of living, and abortion. Interestingly, Bitcoin and the broader cryptocurrency landscape were absent from the discussion, echoing the lack of attention they received during the previous presidential debate between Trump and President Joe Biden.
This dramatic price swing of the Trump and Harris-themed crypto tokens highlights the potent impact of political events on the cryptocurrency market. It also reveals a growing trend of using cryptocurrencies to express political views and affiliations. As the November election approaches, it will be fascinating to observe how these tokens and the broader crypto market respond to the unfolding political landscape.
