Following a heated debate where Kamala Harris gained the upper hand over Donald Trump, the cryptocurrency market saw dramatic shifts.
Trump-inspired memecoins, particularly $MAGA and $TRUMP, took a nosedive, losing more than 10% in value. In stark contrast, the value of $HARRIS skyrocketed by nearly 100%.
https://twitter.com/iCryptoAI/status/1833768974074687755?t=gLQFk1sfrF5EMfWntzaOPg&s=19
Memecoins linked to Trump, including $MAGAA, saw a sharp decline of over 10% after Harris’ strong performance. However, $HARRIS surged by over 30% in just 24 hours, driven by the favorable headlines for the Vice President.
Large Transactions On $MAGA Impacting Price Action
This market turbulence was marked by large transactions—around $2.5 million worth of $MAGA was moved to Gate.io within the past day. Of this, $2 million was transferred to Gate.io’s Cold Wallet, as tracked by Arkham Intelligence.
On Polymarket, the odds for both Trump and Harris are now neck and neck, with each candidate holding 49% winning chances. Trump’s odds dropped by 3%, while Harris saw a 4% rise.
Trump-themed memecoins, leading by $MAGA, $TRUMP, $MAGAA, crashed 10%+ after Kamala outperformed Trump in the latest debate. Thanks to the news, $HARRIS surged 30%+ in 24h. 🧐
Market volatility came alongside big moves, i.e. ~$2.5M worth of $MAGA was sent to… pic.twitter.com/mBR7NO95c8
— COIN360 (@COIN360com) September 11, 2024
As discussions of a second debate in October heat up, the question remains—can Trump-themed coins stage a recovery, or will $HARRIS maintain its upward momentum in the crypto market?
The next few weeks will be crucial, as the political landscape and the performance of these niche cryptocurrencies remain highly volatile and intertwined.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: somchai20162516/123RF // Image Effects by Colorcinch
