PolitiFi. The US-based cryptocurrency industry hopes to survive a presidential election of a new kind. Indeed, candidate Donald Trump addressed this delicate subject for the very first time as part of his multiple campaign promises. At the same time, the market for political memecoins adds a good dose of volatility to this electoral deadline… and its stages considered decisive. Like, for example, the debate supposed to be historic between the two main candidates for the White House. But, the highly anticipated subject of cryptocurrencies was simply conspicuous by its total absence… and that did not inspire the traders of the tokens backed by their popularity.
When political debates cause memecoins to fall
The situation in the US cryptocurrency market is… changing. A relaxed way of not saying that it’s mostly chaos and regulatory power relations who drive this ecosystem, exasperated by the SEC’s relentless attacks.
The opportunity for players in this digital economy to play very American game of lobbying. As, for example, with the recent implementation of l’initiative « Stand with Crypto »launched by the platform Coinbase. Or the most imposing, FairShake is its estimated strike force at $160 million.
An activity largely accelerated by the brand new candidate Donald Trump’s crypto campaign promiseswithin the framework of presidential elections in progress. This in order to permanently establish the subject of cryptocurrencies on the political chessboard.
This is the reason why the televised debate organized during the night (American time) between Donald Trump and Joe Biden was eagerly awaited. Particularly, because it was a first of its kind between the two candidates.
And the result obtained is not a percentage of voting intentions, but that of the market for political memecoins (PolitiFi) under the influence of a generalized decline.
Have Donald Trump and Joe Biden broached the subject of cryptocurrencies?
The televised debate between Joe Biden and Donald Trump lasted 90 minutes in total. The opportunity for the political memecoin market to record an increase in its activity and volatility. This finally collapsed when traders realized that the subject of cryptocurrencies would definitely not be part of it.
As a result, the main tokens backed by the two candidates recorded notable declines. Like, for example, the Sleep (TRUMP) which shows a drop of more than 23 %. Or even the Jeo Boden (BODEN) at the head of a collapse of more than 50 % over the same period.
A situation analyzed by some as a real crypto barometer applied to the US presidential elections. This is to forget a little too quickly that traders – especially the memecoin market people – don’t care about the candidate concerned, as long as profits are there…
“Their volatility is tied to the hype surrounding the politicians they follow (…). While it’s not yet clear which of these memecoins will stand the test of time, they currently serve as an unusual litmus test for Trump, Biden, and Robert F. Kennedy, Jr.”
Max Jones, founder of Memepad
It is difficult to know whether the incursion of memecoins in the political landscape is a good thing. The only certainty is that France is very far from this reality, with a subject of cryptocurrencies (almost) completely absent from the legislative elections. The rest at the time of the results…
