Tokens themed around Donald Trump saw declines on Friday, despite diminishing prospects for Joe Biden’s re-election bid. MAGA (TRUMP), boasting a market capitalization exceeding $370 million, Trump-themed tokens saw declines on Friday despite Joe Biden’s diminishing prospects for re-election.
The TRUMP token, boasting a market cap exceeding $370 million, dipped 1.5%. Similarly, MAGA Hat (MAGA) plummeted over 30%, and Super Trump (STRUMP) fell by 18%.
In the stock market, Trump Media & Technology (DJT) eked out a mere 3% gain, erasing most pre-market advances.
The downturn followed Biden’s lackluster performance in his initial debate against Donald Trump. Subsequently, prominent Democrats and vocal Biden backers urged him to cede ground to a fresher candidate. Paul Krugman, writing for The New York Times, reluctantly echoed this sentiment: “Given our circumstances, I must reluctantly join the call for Biden to voluntarily step aside, with emphasis on the ‘voluntary’.”
Thomas Friedman added in another piece, “Biden and his team have been secluded at Camp David preparing for this pivotal debate for days. If this is their best effort, Joe should preserve the dignity he deserves and exit the stage gracefully at term’s end.”
The retreat of MAGA, STRUMP, and TRUMP tokens underscores the rising likelihood of Biden exiting before the Democratic Convention. This shift could pit tokens reflects the heightened likelihood of Biden exiting the race before the Democratic Convention. This scenario could potentially pit Trump against a younger Democratic contender with stronger electoral prospects. Noteworthy names proposed include Kamala Harris, Gavin Newsom, and even Michelle Obama.
Throughout this year, Trump-themed tokens like MAGA, STRUMP, and TRUMP enjoyed robust performance due to Trump’s lead over Biden. This advantage is anticipated to widen further post-debate, compelling Biden to consider stepping back from the race.
Moreover, the crypto market’s overall downturn also contributed to the tokens’ retreat. Bitcoin, attempting recovery around $62,000, faced resistance, with technical patterns suggesting potential downside risks in the short term.