Political memecoins broadly sell off even as ‘Hunter Boden’ spikes after guilty verdict

Quick Take
- The Political Finance (PolitiFi) memecoin market cap has decreased by over 13% in the past 24 hours.
-


A sector of memecoins centered around U.S. President Joe Biden and Republican frontrunner Donald Trump is suffering a bigger selloff than the broader crypto market.
The Political Finance (PolitiFi) memecoin market cap has decreased by over 13% in the past 24 hours, according to CoinGecko. Meanwhile, the price of bitcoin has dropped about 4% over the same timeframe, while Ethereum is down 5.4%, according to The Block's crypto price data.
The FreeTrump token ($TRUMP) led the fall, down 45% over the past 24 hours. MAGA (TRUMP), the largest PolitiFi coin by market cap ($560 million), is down 13%. These tokens have no official affiliation with any political figures.
One of the more popular memcoins of 2024, Jeo Boden (BODEN), was down 5.5% to $0.1855.
The broader equity market faced selling pressure going into Wednesday's double-dose of macroeconomic releases: the monthly Consumer Price Index report and a Federal Reserve monetary policy announcement. Expectations have diminished in recent weeks regarding the possibility of the Fed cutting interest rates.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.