The MAGA coin dropped 2.1% to $3.38 but rose 6.3% over the past week, reaching a $155 million market cap.
The largest Trump-themed coin, MAGA, experienced a 2.1% decline in value, as it traded at $3.38. It has experienced a 6.3% increase in the past seven days, resulting in a market capitalization of more than $155 million.
In the past seven days, Doland Tremp (TREMP) has experienced a 40% increase, while Trumpcoin has experienced a decline of over 4%.
Conversely, the Kamala Horris token has experienced a 6.6% decline in value, resulting in a valuation of over $8 million. This makes it the sixth-largest cryptocurrency in the globe.
These political coins are primarily driven by the debate between Trump and Harris on Tuesday, which has the potential to influence the race. The most recent polling data indicates that the race is extremely close, which implies that a significant number of undecided voters may choose a side following the debate.
The New York Times/Sienna poll, which was closely monitored, indicated that Trump was leading by one point on a national scale. Harris was leading by one point in the top swing states, according to the poll and CBS News, suggesting that the race is nearly deadlocked.
Donald Trump has a 52% likelihood of winning the election, according to Polymarket, a widely used prediction market. Harris is expected to secure the popular vote, as Democrats have done in the past few elections, according to an additional poll.
Trump Tokens Experienced Increase in Value
The majority of tokens that were themed around Trump experienced a significant increase in value subsequent to the initial debate between Trump and Joe Biden on June 27.
During that debate, it became evident that Biden was at a high risk of losing the election to Trump. MAGA Hat was up by over 28%, while the MAGA token increased by 18%. Doland Tremp experienced a 15% increase.
The market then anticipated that Democrats might nominate a younger candidate with a higher likelihood of prevailing, resulting in the retraction of these tokens.
There are two primary reasons why the majority of Trump tokens and other cryptocurrencies are expected to perform well if he wins the debate. The initial motivation behind these meme coins is frequently the creation of excitement among market participants.
Secondly, the crypto community has a favorable opinion of Trump. He has advocated for the government to refrain from disposing of its Bitcoin holdings, is a crypto enthusiast, and possesses cryptocurrencies valued at over $5.76 million. Additionally, he has received the backing of crypto enthusiasts such as Tyler Winklevoss and Elon Musk.
In contrast, Harris is alleged to have a preference for Gary Gensler as the Treasury Secretary and has not articulated a specific crypto policy. Elizabeth Warren, who is one of her supporters, has advocated for the implementation of additional crypto regulations.
