The recent announcement by Joe Biden regarding his withdrawal from the 2024 presidential race had a significant impact on the world of cryptocurrency, particularly on presidential meme coins. Following the news, tokens linked to Biden and his family experienced major fluctuations in value, while those associated with potential Democratic replacements saw a surge in demand.
One of the most notable examples of this volatility was the Joe Biden-linked Jeo Boden (BODEN) token, which plummeted by 60% in less than two hours after the announcement. The CoinGecko data revealed that BODEN’s market cap dropped by nearly $10 million, hitting an all-time low of $0.008279 on July 22, 2024. Similarly, tokens linked to Biden’s family members, such as Jill Boden (JILLBODEN) and Hunter Boden (HUNTBODEN), also saw significant losses, with JILLBODEN tanking by 82.5% and HUNTBODEN losing over 31%.
In contrast, Make America Great Again-themed meme coin (MAGA), linked to Republican candidate Donald Trump, saw a more modest decrease of 6.3% following Biden’s exit from the race. On the Democratic side, the Kamala Harris-linked Kamala Horris (KAMA) token surged by 135% amid speculation that the current Vice President would replace Biden as the Democratic candidate. The data from Polymarket even suggests that the odds of Kamala Harris becoming the Democratic nominee are at 85%, overshadowing other potential candidates like Michelle Obama and Gretchen Whitmer.
Joe Biden’s decision to withdraw from the 2024 race came with a statement emphasizing that it was in the best interest of his party and the country. Despite this decision, Biden expressed his intention to complete his current term and endorsed Kamala Harris as his replacement. Harris, in response, expressed gratitude for the President’s endorsement and vowed to earn and win the nomination.
The political landscape’s impact on cryptocurrency markets has been starkly demonstrated by the recent events surrounding Joe Biden’s withdrawal from the 2024 presidential race. The significant fluctuations in the value of presidential meme coins linked to Biden and his potential replacements highlight the interplay between politics and the digital currency world. As the race for the Democratic nomination progresses, the influence of political decisions on cryptocurrency markets is likely to continue evolving.
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