KEYTAKEAWAYS
- Trump-themed memecoins experience significant drops following Musk interview
- Bitcoin price rises slightly, reaching $60,655
CONTENT
Traders disappointed as former President Donald Trump’s live chat with Elon Musk on X skips cryptocurrency discussion, leading to a sell-off in MAGA-themed tokens. Meanwhile, Bitcoin sees modest gains amidst market fluctuations.
In a surprising turn of events, several memecoins inspired by former President Donald Trump have experienced a sharp decline in the past 24 hours. This downturn follows a highly anticipated live chat between Trump and Tesla CEO Elon Musk on the social media platform X, where cryptocurrency discussions were notably absent.
The two-hour conversation, which began after a 40-minute delay due to technical issues, covered a wide range of topics from assassination attempts on Trump to climate change and sustainable energy. However, the lack of crypto-related dialogue left many traders and enthusiasts disappointed.
This disappointment was reflected in the Polymarket, where users had wagered approximately $5 million on the likelihood of Trump mentioning specific words during the interview. Those who bet on “crypto” suffered the most significant losses, as it represented the largest losing market.
What will Trump say in his Elon interview tonight?
MAGA • 74% chance
Crypto • 63%
Trans • 41%
Civil War • 27%
Tampon • 20%
Illegal Immigrant • 66%
Tesla • 79%
Mars • 34%
Censorship • 68%
Weird • 42%— Polymarket (@Polymarket) August 12, 2024
>> Also read: Kamala Harris Overtakes Trump in Polymarket’s $572M Presidential Prediction Market
The ripple effect of this omission was felt strongly in the memecoin market. MAGA Hat (Ticker: MAGA), which had surged over 40% on Monday, plummeted 24.5% in the following 24 hours. Similarly, Dark MAGA (DMAGA) saw a staggering 42% drop. Other tokens that had previously enjoyed gains, such as Doland Tremp and FreeTrump, also experienced sell-offs.
TRUMP (MAGA), the largest Trump-centric token by market capitalization at $148 million, saw a more modest decline of 4.4%, trading at $3.22 at the time of publication. It’s worth noting that these tokens, tracked by CoinGecko under the PolitiFi subsector, have no official affiliation with Trump or any other political figures.
>> Also read: What Is PolitiFi ? Political Memecoins
Source: CoinMarketCap
In contrast to the memecoin market’s volatility, Bitcoin showed resilience with a 2.8% increase, reaching $60,655.
Amidst these market fluctuations, Trump’s eldest sons have hinted at a “huge” announcement related to decentralized finance. While details remain scarce, it has been confirmed that this announcement will not involve a memecoin, adding an element of intrigue to the evolving landscape of politically-inspired cryptocurrencies.
As the crypto market continues to react to political events and celebrity interactions, investors and enthusiasts alike remain watchful for new developments in this dynamic and often unpredictable sector.
> Also read: Elon Musk and Tech Billionaires: Pro-Trump? A Compilation of Their Tweets
