Following the presidential debate between Donald Trump and Kamala Harris, assets inspired by both candidates saw price fluctuations.
Meme tokens, MAGA (TRUMP) and Kamala Horris (KAMA), exhibited divergent price movements during and after the exchange, which was the first debate between GOP presidential aspirant Trump and the Democratic candidate Harris.
Debate Recap and Key Issues
The debate itself was a critical moment for both candidates, where they tackled key issues such as immigration, abortion, and the economy.
Harris took the opportunity to criticize Trump’s stance on women’s rights, specifically highlighting his stance on a ban on abortion. Recall that Trump had okayed Florida’s six-week abortion ban. She also attacked Trump’s stance on immigration.
Meanwhile, the Republican candidate criticized the current administration for the issues emerging from a weak border control policy. On the economy, Trump faulted the Biden administration for the inflation woes the country faces.
The debate didn’t address cryptocurrency directly, but economic policy is of significant importance to crypto investors. Notably, The Crypto Basic confirmed earlier today that Trump’s odds on Polymarket dropped 3% before rebounding.
Trump’s push to deregulate crypto and Harris’s ambiguity on the subject set the stage for a post-debate market reaction. Traders flocked to crypto markets, especially meme tokens representing the two candidates.
TRUMP Token Slumps 13%
Before the debate, the TRUMP (MAGA) token had been consolidating between $3.10 and $3.46, unable to break through the $3.50 resistance level.
However, once the debate was underway, the token faced a sharp sell-off. Within two hours, TRUMP’s price plunged by 9.19%, as sentiment around Trump’s performance in the debate soured among investors.
Over a four-hour span, the decline deepened, bringing the total loss to 13.3%. TRUMP bottomed out at $2.83, its lowest price in five days.
Despite a brief rebound attempt to retest the $3 level, the token faced renewed selling pressure. This led to another drop, pushing the token to $2.861. At the time of reporting, TRUMP is down 13.82% compared to its pre-debate levels.
KAMA Token Rises 12%
On the flip side, the Kamala Harris-inspired KAMA token, which had been languishing earlier in the week, saw a dramatic turnaround during the debate.
Hours before the event, KAMA had dropped to $0.00725, reflecting a slump in sentiment. However, during the debate, the token surged by as much as 17.12% within two hours, hitting a peak of $0.00910.
Yet, this rally was short-lived. The token faced a correction just hours later, shedding 6.26% of its gains. Despite the pullback, KAMA still remains 12.16% higher than its pre-debate low, currently trading at $0.00813.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
