Meme Coin MAGA (TRUMP) Price Drops, Biden Effect Retreats?

Bittime - Joe Biden's withdrawal from the 2024 presidential race against Donald Trump has shaken the cryptocurrency market, especially Trump-themed coins. 

This major change had a significant impact on the price of the meme coin MAGA (TRUMP), which experienced a sharp decline. 

While other Trump coins are showing price increases, crypto market volatility is increasing with changes in the US political landscape. 

How do these dynamics affect MAGA coin prices and what are the long-term impacts for crypto investors?

Joe Biden Withdraws from 2024 Presidential Election

The US political landscape underwent major changes after Joe Biden withdrew from the 2024 presidential contest against Donald Trump. 

The development sparked renewed volatility in the Trump-themed coin, seen by some as a pro-cryptocurrency candidate.

Source: X/Twitter

Impact on the Price of the MAGA Meme Coin

MAGA coins, inspired by Trump's "Make America Great Again" slogan, saw their prices drop 8% in the last 24 hours. The Ethereum-based token saw trading volume spike by 140% to $19 million in the same period, indicating massive selling.

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Market Response

This negative reaction may be related to Biden's resignation. Cryptocurrency bettors have been betting against Biden for some time, and even before the official announcement, the odds of him dropping out of the race were increasing on Polymarket.

Other Trump - Themed Coins See Rise

Meanwhile, Solana-based meme coin Donald Trump shot up 53% in the last 24 hours, with volume surging 265%.

Why this Matters

Trump-themed coins have skyrocketed this year, buoyed by his support of the cryptocurrency industry in the US. 

His positive campaigning helped garner support among supporters of these assets, whether through his assurances that the US would be a crypto-friendly destination, his position as “crypto president,” or his acceptance of political donations in the form of cryptocurrencies.

Also Read How To Buy Crypto:

Future Predictions

The odds of Trump winning the election remain high at 65% on Polymarket, indicating a bullish bias of the cryptocurrency market. 

However, cryptocurrency market volatility remains high and various political factors will continue to influence price movements.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.