Donald Trump-themed tokens experienced a decline on Friday, even as Joe Biden’s 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 Biden’s Debate Performance

This market activity followed Joe Biden’s 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:

“Given where we are, I must very reluctantly join the chorus asking Biden to voluntarily step aside, with emphasis on the ‘voluntary’ aspect.”

Thomas Friedman added:

“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.”

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 Trump’s 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. Bitcoin’s attempts to recover stalled at $62,000, and its double-top pattern suggests potential for further downside in the near term.

For more updates on the latest trends in cryptocurrencies, investing, and finance, stay tuned to Global Crypto News.

Post Views: 13