Political meme coins, such as PolitiFi tokens, are expected to remain highly volatile in the coming days leading up to the US presidential debate. Experts from Bitfinex have cautioned investors about the unpredictable nature of these coins as the debate between President Joe Biden and former President Donald Trump draws near.
These meme coins, including Super Trump (STRUMP), Maga (TRUMP), Maga Hat (MAGA), Jeo Boden (BODEN), and Doland Tremp (TREMP), have gained significant traction in the crypto market, with market caps exceeding $1 billion and daily trading volumes surpassing $256 million. The upcoming debate on June 27 is anticipated to impact the performance of these tokens, especially in relation to discussions on capital gains taxes and crypto taxation policies.
Despite recent losses in the crypto market, particularly for assets like bitcoin and ether, PolitiFi tokens have also experienced a downturn, with Trump-related tokens suffering double-digit losses. Speculation surrounding the introduction of an official DJT token on the Solana network has further contributed to the decline in these tokens.
Interestingly, prominent figures in the crypto community, such as the Winklevoss twins, have publicly expressed their support for Trump due to his favorable stance on cryptocurrencies. The twins recently donated $1 million in BTC each to Trump’s campaign and announced their intention to vote for him in the upcoming election.
As the political landscape continues to influence the crypto market, investors are advised to exercise caution when trading meme coins linked to the US presidential candidates. The uncertainty surrounding the debate outcomes and potential policy implications for cryptocurrencies could lead to significant price fluctuations in the coming days. Stay informed and stay vigilant in the ever-changing world of political meme coins.