As the highly anticipated televised US presidential debate between incumbent President Joe Biden and former President Donald Trump approaches on June 27, market analysts are predicting increased volatility for politically themed memecoins.
The debate, which will be broadcast live, is expected to provide a platform for both candidates to summarize and compare their proposed policies. In this context, analysts at the cryptocurrency exchange Bitfinex predicted that political memecoins, namely “Politifi” tokens, may experience significant price movements.
Inspired by the two political figures, these tokens include the Ethereum-based Super Trump and Maga, as well as the Solana-based, humorously misspelled Jeo Boden and Doland Tremp.
“Since these tokens have become speculative assets in terms of election results, there could be significant movement for ‘Politifi’ tokens during and after the debate depending on their performance,” Bitfinex analysts said. Analysts also highlighted that former President Trump has positioned himself as the “Crypto President,” adding another layer of interest to the cryptocurrency community.
While the discussion was expected to briefly touch upon regulatory frameworks affecting cryptocurrency, Bitfinex analysts noted that detailed policy announcements and legislative processes often provide more significant clarity than debates. They said debates around general capital gains taxes and specific crypto taxation policies could have significant market impacts.
“What could be interesting and have a market impact are the discussions around capital gains taxes in general and crypto taxation policies in particular,” the analysts added.
*This is not investment advice.