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.