Trump-Themed MAGA Coin Plunges 8% As Joe Biden Quits Presidential Race
Portfolio Pulse from Aniket Verma
The U.S. political landscape saw a major shift as Joe Biden dropped out of the 2024 presidential race, causing volatility in Trump-themed cryptocurrencies. MAGA Coin plunged 8%, while a Solana-based Donald Trump memecoin surged 53%.
July 22, 2024 | 3:47 am
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POSITIVE IMPACT
A Solana-based Donald Trump memecoin surged 53% in the last 24 hours following Joe Biden's exit from the 2024 presidential race. Trading volumes increased by 265%.
The significant price increase and trading volume surge in the Solana-based Donald Trump memecoin indicate a positive market reaction, benefiting Solana.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
MAGA Coin, an Ethereum-based token, plunged 8% following Joe Biden's exit from the 2024 presidential race. Trading volume soared 140%, indicating a sell-off.
The drop in MAGA Coin's price and the surge in trading volume suggest a negative market reaction to Biden's exit, impacting Ethereum as the underlying blockchain.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80