As an analyst with a background in political economics and experience in analyzing financial markets, I believe that the recent retreat of Donald Trump-themed tokens such as MAGA, MAGA Hat, Super Trump, and Trump Media & Technology is primarily due to the increased chances of Joe Biden dropping out of the Democratic primary race.
On Friday, tokens related to Donald Trump saw a retreat in value despite decreasing prospects for Joe Biden’s re-election. The market capitalization leader among these, MAGA (TRUMP), experienced a decrease of approximately 1.5%. Likewise, the MAGA Hat (MAGA) token dropped by over 30%, and Super Trump (STRUMP) suffered a loss of around 18%.
In the stock market, Trump Media & Technology Group (DJT) experienced only a minimal increase of 3% in value, effectively undoing the advancements it had achieved prior to market opening.
After Joe Biden’s subpar showing in his initial debate against Donald Trump, several prominent Democrats and ardent Biden backers suggested that he consider withdrawing from the presidential race and letting a new contender take his place. In an opinion piece for The New York Times, Paul Krugman voiced similar concerns.
Considering our current situation, I regretfully find myself in agreement with those calling for President Biden to consider stepping down, but it’s important to emphasize the “voluntary” nature of this request.
In another piece, Thomas Friedman wrote:
As a seasoned crypto investor following the political landscape, I’ve noticed that President Biden and his team have been intensely preparing for the upcoming debate at Camp David for several days. However, if the best showing they could muster from the President during this critical event was less than satisfactory, it may be time for him to uphold his dignity and consider concluding his term when it ends.
MAGA vs STRUMP vs TRUMP
As a result, those tokens receded due to the increased likelihood that Biden would withdraw from the Democratic primary race prior to the convention.
A actions like these from Trump could result in him facing off against a more youthful Democratic nominee, increasing their chances of securing victory. Potential contenders mentioned are Kamala Harris, Gavin Newsom, and Michelle Obama.
In the vast majority of cases, tokens related to Trump such as MAGA, STRUMP, and TRUMP have experienced significant success this year primarily due to Trump’s substantial advantage over Biden. Following the upcoming debate, it is anticipated that this lead will expand further, potentially leading Biden to abandon his campaign.
As a crypto investor, I’ve noticed that the value of some tokens I hold has decreased alongside the broader industry. Bitcoin, in particular, has struggled to regain momentum and reach new highs, with its recent attempts to recover faltering around the $62,000 mark. The formation of a double-top pattern on its chart suggests that we may see further downside in the near future.
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2024-06-28 17:37