On Friday, the prices of Donald Trump tokens—MAGA, STRUMP, and TRUMP—dropped, despite Joe Biden’s chances of reelection becoming less likely.
The MAGA (TRUMP) token, which has a market cap of over $370 million, dropped by 1.5%. The MAGA Hat (MAGA) token fell by more than 30%, and the Super Trump (STRUMP) token decreased by 18%.
Market Reactions Following the Presidential Debate
The same trend is seen in the stock market, where Trump Media & Technology (DJT) rose by just 3%, erasing most of its pre-market gains. This performance came after Joe Biden’s underwhelming showing in his first debate with Donald Trump.
In the aftermath, many notable Democrats and Biden supporters suggested he step aside for a new candidate. Writing for the New York Times, Paul Krugman said, “Given where we are, I must very reluctantly join the chorus asking Biden to voluntarily step aside, with emphasis on the ‘voluntary’ aspect.”
In another piece, Thomas Friedman wrote, “They—Biden and his team—have been holed up at Camp David preparing for this momentous debate for days now. If that is the best performance they could summon from him, it’s time for Joe to keep the dignity he deserves and leave the stage at the end of this term.”
Factors Behind the Drop in Trump-Themed Tokens
The decline in these tokens is due to the increasing likelihood of Biden dropping out of the race before the Democratic Convention. If Biden steps aside, Trump would likely face a younger Democratic candidate with a better chance of winning. Potential candidates include Kamala Harris, Gavin Newsom, and even Michelle Obama.
Most Trump-themed tokens like MAGA, STRUMP, and TRUMP have performed well this year because of Trump’s lead against Biden. This lead is expected to widen after the debate, which could push Biden to withdraw from the race.
Additionally, these tokens have declined as the crypto industry remains under pressure. Bitcoin’s attempts to recover have stalled at $62,000, and its double-top pattern suggests further downside in the near term.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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