Memecoins inspired by former President Donald Trump are selling off Wednesday following the first, and possibly only, debate with current Vice President Kamala Harris ahead of the U.S. election in November. The overall PolitiFi market cap stands at around $535 million, a 9% decrease in the last 24 hours, according to CoinGecko.
Political Finance, or PolitiFi, memecoins inspired by political figures and have no official affiliation to any of them. "The market is showing a knee-jerk reaction to seemingly a better-than-expected performance by Harris in the debate so far," Presto's head of research Peter Chung said Tuesday night.
The sell-off in Trump-themed memecoins comes as the broader crypto market sees a "risk-off" sentiment following the debate, with analysts saying the U.S. presidential debate has spurred this reaction.
In other crypto news, CleanSpark has announced the acquisition of seven bitcoin mining facilities in Tennessee for $30 million, while the Bitcoin mining difficulty has hit a fresh all-time high following a record network hash rate.
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