Donald Trump-themed tokens experienced a decline on Friday, even as Joe Bidenβs chances of re-election appeared to diminish.
Market Performance of Trump-Themed Tokens
The MAGA (TRUMP) token, which boasts a market cap exceeding $370 million, saw a drop of 1.5%. Similarly, the MAGA Hat (MAGA) token declined by over 30%, while Super Trump (STRUMP) fell by 18%. The stock market mirrored this trend, with Trump Media & Technology (DJT) rising by just 3%, erasing most of its pre-market session gains.
Impact of Bidenβs Debate Performance
This market activity followed Joe Bidenβs underwhelming performance in his first debate with Donald Trump. After the debate, several prominent Democrats and Biden supporters suggested that he should step aside for a new candidate. Paul Krugman commented:
βGiven where we are, I must very reluctantly join the chorus asking Biden to voluntarily step aside, with emphasis on the βvoluntaryβ aspect.β
Thomas Friedman added:
βThey β Biden and his team β 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, itβs time for Joe to keep the dignity he deserves and leave the stage at the end of this term.β
Analysis of Token Movements
The decline in these tokens can be attributed to the increasing likelihood that Biden may withdraw from the race before the Democratic Convention. This scenario could lead to Trump facing a younger Democratic candidate with a stronger chance of winning. Potential candidates include Kamala Harris, Gavin Newsom, and even Michelle Obama.
Throughout this year, most Trump-themed tokens like MAGA, STRUMP, and TRUMP have performed well due to Trumpβs lead against Biden. This lead is expected to widen post-debate, potentially prompting Biden to exit the race.
Broader Crypto Market Trends
These tokens also retreated as the broader crypto market remained under pressure. Bitcoinβs attempts to recover stalled at $62,000, and its double-top pattern suggests potential for further downside in the near term.
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