Political Memecoins Plunge After US Presidential Debate

IconCryptoNewsTerminal Staff03 Jul, 2024

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Political Memecoins Plunge After US Presidential Debate

The value of political memecoins has plummeted since the US presidential debate last Wednesday, according to CoinDesk, citing data from CoinGecko. Former President Trump's TRUMP coin has dropped 34% in the past seven days, while President Biden's BODEN has fallen 70% over the same period. 'The top political memecoins have not outperformed since the presidential debate on Sept. 27,' said Austin Freimuth, an analyst at crypto data firm Messari. 'There is likely more memecoins to come as other candidates announce their entrance into the race for the presidency.' While the performance of these memecoins may not be surprising, it highlights the risks associated with investing in highly speculative assets. Memecoins are often created as a joke or to capitalize on a particular trend, and their value can be highly volatile. As a result, it is important to invest in memecoins only with money that you can afford to lose.

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