As a seasoned crypto investor who has witnessed the rise and fall of numerous coins, I must admit that the recent dip in MAGA’s price has left me with a familiar sense of deja vu. I remember the euphoria when it topped $17.1 earlier this year, and now here we are, grappling with a 10% decline.
In more straightforward terms, the meme cryptocurrency associated with Donald Trump, known as MAGA, experienced significant selling pressure shortly after Tuesday’s Trump-Harris debate concluded. At present, the MAGA price stands at $2.88, representing a 10.72% decrease, and its market capitalization is $126 million. This downturn in MAGA occurred because the likelihood of Donald Trump winning the election decreased following the first presidential debate between him and Harris.
MAGA Price Tanks More Than 10%
2021 has seen a surge in the value of cryptocurrencies tied to Donald Trump’s presidential campaign, with meme coins featuring the Trump brand experiencing a significant increase. In June alone, the MAGA coin reached its peak at $17.1. However, since then, it has dropped by over 80% and is now hovering around the $3 mark. Despite this decline, the current market price still represents a staggering 4513% increase from its original value.
The drop in MAGA’s current value is linked to a 3%-49% decrease in Polymarket data indicating Trump’s chances of winning the election. Conversely, Kamala Harris has seen a 3% increase following the first presidential debate.
The debate ends with Trump and Harris tied.
55 days to go.
— Polymarket (@Polymarket) September 11, 2024
Trump Harris Debate Skips Crypto Talks
On Tuesday, September 10, during the first Trump-Harris debate moderated by ABC News, no discussion about cryptocurrency took place, leaving some members of the crypto community feeling let down. In terms of cryptocurrency, Donald Trump appears to have an advantage over Vice President Kamala Harris, as reported by CoinGape; it seems that cryptocurrency has not been a focus in Harris’ policy decisions.
Yesterday’s debate saw the two presidential candidates engage in heated disagreements over crucial topics, occasionally interrupted by some personal jabs. In terms of political contributions this year, cryptocurrency companies have pooled together a total of $119 million to back their preferred candidate through super PACs like Fairshake PAC.
Previously elected President Donald Trump has shown a more welcoming stance towards cryptocurrency matters, yet there was no discourse regarding this topic during recent debates. Consequently, other digital currencies associated with Trump are also experiencing some market pressure, often referred to as the “MAGA price.” Trump has pledged to halt what he considers an unfair and illegal suppression of the cryptocurrency industry if re-elected in November 2024.
From a different perspective, the Kamala Harris team has been making efforts to engage with the cryptocurrency sector through the Crypto4Harris initiative, which is intended to enhance the Vice President’s public image. Yet, as of now, industry insiders claim that they haven’t seen any tangible actions from the Harris administration regarding cryptocurrencies.
Read More
- ENA PREDICTION. ENA cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD ZAR PREDICTION
- USD COP PREDICTION
- WIF PREDICTION. WIF cryptocurrency
- EUL PREDICTION. EUL cryptocurrency
- EUR NZD PREDICTION
2024-09-11 08:27