Meme coins linked to presidential candidate Donald Trump have slumped following the first debate with rival candidate Kamala Harris.
The Donald Trump-themed meme coin MAGA (TRUMP) has tanked 15% over the past 12 hours following a less than convincing performance in the presidential debate held on Sept. 10.
TRUMP hit an intraday high of $3.42 before his showdown with Democrat rival Kamala Harris. However, it dumped to $2.89 as the debate went on, and Trump appeared more agitated. The meme coin hit an all-time high of $17.51 on June 1 but has since slumped around 83%.
Other tokens linked to Trump but not directly affiliated such as MAGA Hat (MAGA) tanked even harder dropping more than 18%.
Bitcoin prices also reacted with a 1.7% decline at the time of the debate, falling to $56,746 at the time of writing.
Breaking Down The Debate
Donald Trump’s performance was below par with him appearing to have lost the energy and vibe behind his MAGA (Make America Great Again) campaign.
CHEV partner Adam Cochran commented that he appeared “fizzled out,” adding that this campaign “actually seems to be taking a toll on Trump. He’s fatigued and on the back foot.”
Economist and trader Alex Krüger agreed in part, stating that Harris appeared “cool and in control,” whereas Trump was “angry, unhinged at times.” He also agreed with the general consensus that the panel moderators were clearly on Kamala’s side.
Goldbug Peter Schiff called it a “disgrace,” adding that ABC, which hosted the debate, “didn’t ask a single question about the soaring national debt, the rising cost of servicing that debt, out-of-control entitlement spending, high inflation, rising unemployment, record-high consumer debt, or record-low savings.”
In polls released earlier this week, the race for the Oval Office was as close as it has been, with Harris and Trump both having a 49% share of support among registered voters.
Victory for Both?
Both candidates declared victory following the debate, according to reports. Trump’s team stated:
“We saw President Trump lay out his bold vision of America and how he would continue to build upon the successes of his first term by supercharging the economy, securing the border, and stopping crime from ravaging communities across the country.”
Meanwhile, the Kamala Harris camp said, “Donald Trump was totally incoherent,” before adding:
“Under the bright lights, the American people got to see the choice they will face this fall at the ballot box: between moving forward with Kamala Harris, or going backwards with Trump.”