SOL Down 5% as Market Reacts to Trump-Harris Debate

Crypto markets have suffered noticeable pullbacks following September 10’s highly anticipated presidential debate. 

In the wake of self-proclaimed ‘Crypto President’ Donald Trump’s performance, scales have tipped in favor of Kamala Harris, with prediction markets illustrating renewed support for the Democrats.

Crypto Markets Tumble as Republican Confidence Wanes

The presidential debate had a resounding effect on the digital asset market. Following the event, $SOL price has dropped 5.1%, sliding from September 10’s high of $137.9 to currently trade hands at $130.84.

Beyond asset prices, CoinMarketCap’s Crypto Fear & Greed Index also dropped from a neutral 46.72 to a fearful ranking of 31.6.

The crypto market’s slide is expected to be due to the wider industry’s assumption that a Trump presidency will be favorable for the blockchain industry. 

Commentators argue that Trump’s pro-crypto stance will greatly benefit the sector, with many analysts proposing that the approval of a spot SOL ETF hinges on a Republican victory. Meanwhile, some Solana community members expressed that regardless of who emerges triumphant in November, it will make little difference.

Over the past four years, the Biden administration has loomed large over the crypto industry. Gary Gensler and the S.E.C. (Securities and Exchanges Commission) have been widely criticized by the crypto community for their regulation-by-enforcement approach, which has seen the agency hand out a litany of lawsuits to crypto businesses throughout its time in office. 

Volume Spikes on Drift Protocol’s Prediction Market

While Trump and Harris clashed heads on camera, traders took their chance to hit the prediction markets. Drift Protocol’s BET platform, a marketplace enabling users to trade the outcomes of real-world events, enjoyed an impressive surge of trading volume during the debate.

According to Dune Analytics, Drift Protocol’s BET protocol witnessed over $851k in daily trading volume. While falling short of market leader PolyMarket’s $14M daily volume, BET’s dramatic volume spike represented a 1,287% increase over the previous day’s trading.

According to BET’s dedicated market, Trump’s chances of winning the presidential election dropped from 54.2% to 49.5% since the debate began.

$TREMP Down, $KAMA Up

Finally, the landmark debate sent waves of volatility through Solana’s PolitiFi memecoin economy.

Unfortunately for $TREMP holders, crypto markets rejected the Presidential hopeful’s debate performance. $TREMP price crumbled under increased selling pressure, plunging 28% from $0.19 to currently exchange hands at $0.135, based on Step Finance data.

Meanwhile, the Kamala Harris-inspired $KAMA saw renewed support. $KAMA surged over 34%, rising from 0.007 to currently trade at $0.0094. Despite $KAMA’s superior performance, the memecoin still has a smaller market cap ($8.3M) than its PolitiFi rival $TREMP ($14.2M).

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[https://www.youtube.com/watch?v=nskqVxZbT6I]