Deniz 
Inspired by former President Donald Trump, memecoins are selling Wednesday following the first, maybe only, debate with current Vice President Kamala Harris ahead of the U.S. election in November. Based on CoinGecko, the total PolitiFi market capitalization is at $535 million, a 9% drop in the last 24 hours. Inspired by political leaders, memecoins known as PolitiFi have no official relationship to any one of them.
“The market is reacting knee-jerk to apparently a better-than-expected performance by Harris in the debate so far,” Presto’s head of research Peter Chung said Tuesday night.
Having a market capitalization of $132 million, MAGA is the biggest of these coins and down 16%. While MAGA Hat (MAGA) and Doland Tremp (TREMP +1.77%) are down a sharper 22% and 28%, respectively, Super Trump (STRUMP) is down 10%. Other Trump-centric tokens showing notable selloff—that is, at least 20%—are Dark MAGA (DMAGA) and Fight to MAGA (FIGHT). About 11% of the Kamala Horris (KAMA) token is down.
The price movement in these memecoins has become normal for such kinds of events because the coins had comparable selloffs after Trump’s debate with Biden as well as his live X interview with Elon Musk.
“The U.S. presidential debate was a sell-the-news event with Trump’s performance underwhelming in comparison to his previous debate against Biden, and the consensus view seems to be that it was a loss for him,” Bitfinex analysts noted.
The issue of cryptocurrencies never surfaced throughout the ninety-minute debate. Over on Wall Street, Trump Media & Technology Group Corp. (ticker: DJT) was down 11% at publishing time, downing about 60% over the past six months.
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