The recent announcement of Joe Biden’s withdrawal from the 2024 presidential race had a significant impact on the world of cryptocurrency, particularly on meme coins linked to the political landscape. Following the news, tokens associated with Biden and his family experienced sharp declines in value, while those linked to potential Democratic replacements saw significant gains. This sudden shift in the market left many investors and traders reeling as they witnessed the dramatic fluctuations in prices.
Token Performance
The Joe Biden-linked Jeo Boden (BODEN) token, for instance, saw a staggering 60% drop in value in less than two hours after the announcement. This led to a substantial decrease in its market cap, plummeting from $16.2 million to $6.8 million according to CoinGecko data. Similarly, tokens associated with Biden’s family members, such as Jill Boden (JILLBODEN) and Hunter Boden (HUNTBODEN), also experienced significant losses, with drops of 82.5% and over 31% respectively.
On the other hand, meme coins linked to potential Democratic replacements saw a surge in value. The Kamala Harris-themed Kamala Horris (KAMA) token, for example, skyrocketed by 135% amid speculation that the current Vice President would take Biden’s place as the Democratic candidate. This spike in value, reaching an all-time high, reflected the market’s reaction to the shifting political landscape.
Speculation and Predictions
Data from the decentralized predictions market Polymarket further fueled speculation about Kamala Harris’s potential candidacy, with odds of her replacing Biden at 85%. Other potential Democratic candidates, such as Michelle Obama and Gretchen Whitmer, trailed far behind with much lower odds. This uncertainty in the market highlighted the volatility and unpredictability of meme coins linked to political figures and events.
Joe Biden’s unexpected withdrawal from the presidential race sent shockwaves through the cryptocurrency market, particularly impacting meme coins associated with his candidacy. The sharp decline in value of Biden-linked tokens and the subsequent rise of those linked to potential replacements underscored the interconnectedness of politics and finance in the digital age. As investors navigate this ever-changing landscape, it is essential to stay informed and adapt to the rapid fluctuations that characterize the world of meme coins and cryptocurrency.
