Market

Meme Coins Tumble After Donald Trump vs. Kamala Harris Debate

Published

2 months ago

September 11, 2024

Coin2049 Newsletter

The first presidential debate between Vice President Kamala Harris and former President Donald Trump ended with zero mention of cryptocurrencies. This left many crypto enthusiasts disappointed.

As a result, the crypto market reacted sharply, particularly affecting meme coins associated with Donald Trump.

Odds of Donald Trump Winning the Election Decrease After the Debate

In the aftermath of the debate, which focused on the economy, immigration, and foreign policy, several Trump-themed meme coins witnessed significant declines. For instance, the total market capitalization of PolitiFi meme coins fell by 8.7%.

Specific coins suffered even more; MAGA (TRUMP) dropped by 10.0%, and MAGA Hat (MAGA) plummeted by 22.5%. Doland Tremp (TREMP) saw a decline of 27.5%, while Super Trump (STRUMP) decreased by 12.3%. On the other hand, the Kamala Horris (KAMA) meme coin surged by 7.3%.

PolitiFi Meme Coins Market Capitalization. Source: CoinGecko

This fluctuation in meme coin values aligns with shifts in election odds on platforms like Polymarket. After the debate, Harris’s odds of winning increased by 3%, whereas Trump’s decreased by the same amount.

Consequently, the two presidential hopefuls are now neck and neck on this decentralized betting platform.

Analysts have long debated the influence of political figures on the cryptocurrency market. For instance, Bernstein analysts predicted that a Trump victory in November could propel Bitcoin to as high as $90,000 by year-end.

This expectation stems from Trump’s pro-crypto stance. In contrast, the crypto market’s outlook under a Harris presidency remains uncertain, with some analysts fearing Bitcoin could drop to as low as $40,000.

2024 Election Forecast. Source: Polymarket

Moreover, the crypto industry has made substantial political investments. Crypto companies, including Coinbase and Ripple, have invested over $119 million in the 2024 elections. Their objective is to support candidates who favor clear crypto regulations.

The largest beneficiary of these contributions is Fairshake PAC, receiving $202.9 million, with $107.9 million—over half—coming from crypto corporations like Coinbase and Ripple.

Since 2010, crypto corporations have become major political donors, contributing $129 million and accounting for 15% of all known corporate political expenditures, which total $884 million. Their financial influence is second only to the fossil fuel industry’s election spending.

Despite heavy investment to support pro-crypto candidates, the absence of cryptocurrency discussions during presidential debates has disappointed many in the crypto community.

“1 in 5 American adults own crypto. And yet it hasn’t been mentioned in the Presidential debates as an issue voters care about. If you love crypto, make sure your voice is heard this November and pledge to vote,” Coinbase stated.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Related Topics:Coins Debate Donald Harris Kamala Meme Trump Tumble

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Solana (SOL) Rallies Strongly, Setting Sights on $200

Published

33 mins ago

November 7, 2024

Coin2049 Newsletter

Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.

SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
The price is now trading above $172 and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could continue to rise if it clears the $192 resistance zone.

Solana Price Starts Fresh Rally

Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.

There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.

Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.

The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.

Another Dip in SOL?

If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.

A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $188 and $185.

Major Resistance Levels – $192 and $200.

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Market

Will Bulls Push It Higher?

Published

2 hours ago

November 7, 2024

Coin2049 Newsletter

Este artículo también está disponible en español.

Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.

Ethereum started a fresh surge above the $2,650 resistance zone.
The price is trading above $2,700 and the 100-hourly Simple Moving Average.
There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if it settles above $2,850 and $2,880.

Ethereum Price Extends Surge

Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.

It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.

Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.

An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.

Are Dips Supported In ETH?

If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.

A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,850

Major Resistance Level – $2,720

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Bitcoin Price Pushes Rally Further: Bulls in Full Force

Published

3 hours ago

November 7, 2024

Coin2049 Newsletter

Este artículo también está disponible en español.

Bitcoin price is gaining pace above $74,000. BTC is trading in a bullish zone and might rise further above the $76,500 resistance zone.

Bitcoin started a fresh surge above the $73,500 zone.
The price is trading above $73,000 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $75,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise above the $76,000 resistance zone.

Bitcoin Price Extends Rally

Bitcoin price started a fresh surge above the $73,500 level. BTC even cleared the $75,000 resistance and traded to a new all-time high. It posted a high at $76,457 and is currently consolidating gains.

There was a minor decline below the $76,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $72,747 swing low to the $76,457 high. However, the price is still in a positive zone above the $73,500 level.

Bitcoin price is now trading above $74,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $75,250 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $75,800 level. The first key resistance is near the $76,000 level. A clear move above the $76,000 resistance might send the price higher. The next key resistance could be $76,500.

A close above the $76,500 resistance might initiate more gains. In the stated case, the price could rise and test the $78,000 resistance level. Any more gains might send the price toward the $78,800 resistance level.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $76,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $75,250 level and the trend line.

The first major support is near the $74,150 level or the 61.8% Fib retracement level of the upward move from the $72,747 swing low to the $76,457 high. The next support is now near the $73,500 zone. Any more losses might send the price toward the $72,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $75,250, followed by $74,150.

Major Resistance Levels – $76,000, and $76,500.

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