The announcement of Joe Biden’s withdrawal from the 2024 presidential race sent shockwaves through the market of presidential meme coins. Tokens linked to Biden and his family members experienced significant volatility, with prices plummeting for some and soaring for others. The Jeo Boden (BODEN) token, directly associated with Joe Biden, took a huge hit, dropping by 60% in just a few hours. This led to a substantial decrease in BODEN’s market cap, from $16.2 million to $6.8 million, according to CoinGecko data. The token hit an all-time low before slightly rebounding, down 57.1% within 24 hours of the announcement.
Tokens linked to Biden’s family members, such as the Jill Boden (JILLBODEN) and Hunter Boden (HUNTBODEN) tokens, also experienced severe losses. The JILLBODEN token tanked by 82.5% within 24 hours, while the HUNTBODEN token saw a notable decline, losing over 31%. Both tokens hit all-time lows following Biden’s announcement, reflecting the uncertainty and downward trend in the market for these assets.
Interestingly, the Make America Great Again-themed meme coin (MAGA) linked to Republican candidate Donald Trump also decreased, albeit by a smaller margin of 6.3%. In contrast, the Kamala Harris-linked Kamala Horris (KAMA) token soared in value amid speculation that the current Vice President would replace Biden as the Democratic candidate. KAMA token increased by an impressive 135%, hitting an all-time high before cooling off slightly. Data from Polymarket suggests high odds of Harris replacing Biden, with other potential Democratic candidates trailing far behind.
Despite not providing specific reasons for his withdrawal, Biden stated that it was in the “best interest” of his party and the country. He plans to finish his current term and has endorsed Kamala Harris as his replacement, emphasizing the importance of party unity and continuity in leadership. Harris, in response, expressed gratitude for Biden’s endorsement and declared her intention to earn and win the nomination, highlighting a sense of determination and preparedness for the upcoming challenges.
Joe Biden’s withdrawal from the 2024 presidential race had a profound impact on the market dynamics of presidential meme coins. The volatility observed in tokens linked to Biden and his potential replacements reflects the uncertainty and speculation surrounding political events and their effects on digital assets. The endorsement of Kamala Harris by Biden adds an element of continuity and party unity, signaling a potential shift in the Democratic candidate lineup as the race progresses.
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