- The presidential debate caused prices of both TRUMP and BODEN to decline significantly.
- Popularity of TRUMP waned, over the last few days.
The recent U.S. presidential debate has taken the internet by storm. Memes and jokes about both presidential candidates have flooded social media platforms.
Saga of TRUMP and BODEN
Amid all the buzz, attention around PolitiFi memecoins TRUMP and BODEN, which are based on the presidential candidates, surged materially in the last few days.
However, not all the attention these tokens received was positive. In the last 24 hours, the price of the BODEN token fell by 26%. Even though this decline in price was drastic, it wasn’t sudden.
After the 31st of June, the price of BODEN began to spiral. During this period, the price of BODEN exhibited multiple lower lows and lower highs, indicative of a bearish trend.
At press time, BODEN was trading at $0.08186. The Relative Strength Index for BODEN declined materially during this period, indicating that the bullish interest in BODEN had waned.
Moreover, the Chaikin Money Flow for BODEN also decreased which suggested that the money flowing into BODEN had fallen materially.
Source: Trading View
TRUMP however, did not see a decline in price as significant as BODEN. In the last 24 hours, the price of TRUMP fell by 7%. Even though this decline in price was significant, it was meager compared to BODEN’s recent price movement.
However, just like BODEN’s price movement, the TRUMP token also showed signs of a bearish trend before its price fell so materially. Coupled with that the social volume around the token also declined, indicating that the popularity around the TRUMP token had waned.
Moreover, the weighted sentiment around the TRUMP token had also decreased, implying that the negative comments around TRUMP outnumbered the positive ones at press time.
Source: Santiment
What’s next?
Even though the TRUMP token wasn’t doing well in terms of social media metrics, the presidential candidate that the token is based on, was doing relatively well.
Recent figures show that Donald Trump’s chances of winning the 2024 Presidential Election have risen to a new high of 63%. Since the discussions began, the probability of Trump winning the election have increased by more than 10%.
The odds of President Biden winning a second term have dropped from 48% to 37%.
Markets believe Donald Trump will become the next president. This could impact the price movement of the TRUMP token positively going forward.
Source: X
