Altcoins have many categories, and PolitFi remains popular with the upcoming November elections. Last week, BTC fluctuated significantly, dropping to $49,000 before surpassing $60,000 again. On Monday, investors were particularly excited about PolitFi altcoins. However, the expected outcome did not occur.
Elon Musk, Trump, and Crypto
Elon Musk, one of the world’s richest and most famous individuals, and favorite US Presidential candidate Trump appeared together on X live chat on Monday. The chat lasted about 2 hours, and investors were filled with excitement beforehand. Investors dreamed of scenarios where any cryptocurrency would be mentioned or Elon Musk and Trump would praise Bitcoin.
However, the expected outcome did not occur. Over 1 million people joined the broadcast hosted by Elon Musk. Despite a 40-minute delay, the massive audience was a golden opportunity for crypto. However, topics ranged from assassination attempts to climate change, and crypto was not mentioned at all.
Perhaps Elon Musk set such a condition to maintain his distance from crypto. Trump, on the other hand, often makes enticing, bold statements about crypto to influence the voter base. At the 2024 Bitcoin event, we recently heard many promises, from the Fed accumulating BTC to the SEC Chairman being fired.
Trump Coins Dropped
Despite all the pessimism, excitement in the PolitFi area continues. Political fan tokens attributed to Trump, which had risen with the excitement of the Spaces event, experienced rapid losses because crypto was not mentioned. MAGA dropped nearly 30% in the last 24 hours. It had increased by around 40% on Monday. This shows the exit of short-term investors who wanted to trade the Spaces broadcast.
TREMP Coin fell by 15%, and FreeTrump (TRUMP) decreased by 6.57%. Although cryptocurrencies were not mentioned during the broadcast, Trump’s son hinted at an important step related to crypto. It will not be a meme coin, and there are few details. Perhaps a DEX will be opened in Trump’s name, and a portion of the transaction fees will automatically be donated to Trump’s wallet?
