Amid a historic live televised face-off between incumbent President Joe Biden and former President Donald Trump, memecoins inspired by the two candidates fell in price.

A thriving memecoin ecosystem has been built around the two presidential candidates, with the market cap of political-themed tokens now standing at $1.3 billion, reflecting a 6.7% expansion over the last 24 hours, according to Coingecko's PolitiFi token category.

Several prominent memecoins inspired by the candidates have experienced significant declines in value in the past hour.

The Ethereum-based MAGA (ticker: Trump) has seen a decline of 6.4% in the past hour, while MAGA Hat (ticker: MAGA) slid by 10.8% over the past hour.

On the Solana blockchain, Jeo Boden (ticker: BODEN) has recorded a decline of 26%, and …