Donald Trump and Kamala Harris-themed cryptocurrencies were mixed on Monday, Sep. 9, ahead of a key debate that could influence the outcome of the next general election.
Donald Trump and Kamala Harris debate ahead
MAGA (TRUMP), the largest Trump-themed coin, was down by 2.1% to trade at $3.38. It has risen by 6.3% in the last seven days, giving it a market cap of over $155 million. Doland Tremp (TREMP) has surged by 40% in the last seven days, while Trumpcoin (DJT) has fallen by over 4%.
On the other hand, Kamala Horris (KAMA) token has fallen by 6.6%, bringing its valuation to over $8 million, making it the sixth-biggest coin in the world.
The main catalyst for these politfi coins is Tuesday’s debate between Trump and Harris, which can impact the race. Recent polling data shows that the race is close, meaning that many undecided voters may pick a side after the debate.
A closely watched New York Times/Sienna poll showed Trump leading by one point nationally. In top swing states, the poll—together with that of CBS News—had Harris leading by one point, indicating that the race is virtually tied.
Polymarket, a popular prediction market, shows that Donald Trump has a 52% chance of winning the election. Another poll suggests that Harris will win the popular vote, as Democrats have done in the last few elections.
Trump tokens jumped after his debate with Joe Biden
Most Trump-themed tokens surged after the first Trump and Joe Biden debate on June 27. In that debate, it became apparent that Biden was likely to lose the election to Trump. The MAGA token rose by 18%, while MAGA Hat jumped by over 28%. Doland Tremp rose by 15%.
These tokens then retreated as the market predicted that Democrats might nominate a younger candidate with a higher chance of winning.
Most Trump tokens and other cryptocurrencies are likely to perform well if he wins the debate for two reasons. First, these meme coins are often driven by hype among market participants.
Second, Trump is viewed positively in the crypto community. He owns cryptocurrencies worth over $5.76 million, has called for the government not to sell its Bitcoin (BTC) holdings, and is supported by crypto fans like Elon Musk and Tyler Winklevoss.Â
Harris, on the other hand, is said to favor Gary Gensler as Treasury Secretary and has not delivered a specific crypto policy. Elizabeth Warren, one of her supporters, has called for more crypto regulations.
