The MAGA Hat (MAGA) token declined by over 30%, while Super Trump (STRUMP) fell by 18%. In parallel, the Trump Media & Technology (DJT) saw a modest 3% increase, erasing most of its pre-market session gains. This performance followed an underwhelming display by Joe Biden in his initial debate with Donald Trump. Consequently, prominent Democrats and vocal Biden proponents have suggested that he step aside for a new candidate.
This move could potentially position Trump against a younger Democratic candidate with a stronger likelihood of victory, with potential candidates including Kamala Harris, Gavin Newsom, and even Michelle Obama. The success of Trump-themed tokens like MAGA, STRUMP, and TRUMP this year has largely been attributed to Trump’s lead against Biden. This lead is expected to widen after the debate, potentially prompting Biden to exit the race. The decline of these tokens was also influenced by the broader pressure in the crypto industry, as Bitcoin’s attempts to rebound have faltered at $62,000, with its double-top pattern indicating the possibility of further downward movement, at least in the short term.
