The recent announcement of Joe Biden withdrawing from the 2024 presidential race caused significant market volatility among presidential meme coins. This abrupt decision led to a sharp decline in the value of tokens associated with Biden and his family members, while boosting tokens linked to potential Democratic replacements.
One of the most notable effects of Biden’s withdrawal was the rapid decline in value of the Joe Biden-linked Jeo Boden (BODEN) token, plummeting by a staggering 60% in just under two hours. CoinGecko data revealed that BODEN’s market cap shrunk by almost $10 million, dropping from $16.2 million to $6.8 million.
Tokens connected to Biden’s family members also suffered considerable losses. The Jill Boden (JILLBODEN) token witnessed an 82.5% decline, trading at $0.00001298 after hitting an all-time low of $0.00001733 on July 22. Similarly, the Hunter Boden (HUNTBODEN) token saw a significant drop of over 31%.
In contrast, the Make America Great Again-themed meme coin (MAGA), associated with Republican candidate Donald Trump, experienced a decrease of 6.3% following Biden’s exit from the race. On the other hand, the Kamala Harris-linked Kamala Horris (KAMA) token surged amid speculation that Vice President Harris would replace Biden as the Democratic candidate.
The KAMA token skyrocketed by 135%, reaching an all-time high of $0.02571 on July 21, 2024, signaling strong investor confidence in Harris as a potential Democratic nominee. Despite cooling off slightly, the token remains up by 84% in the last 24 hours, trading at $0.01934.
Data from the decentralized predictions market Polymarket indicates high odds of Kamala Harris replacing Biden, with an 85% probability. Other potential Democratic candidates such as former First Lady Michelle Obama and Michigan Governor Gretchen Whitmer lag significantly behind, with odds of 5% and 3% respectively.
While Biden did not provide specific reasons for his withdrawal, he emphasized that it was in the “best interest” of his party and the country. Despite stepping down from the race, Biden intends to complete his current term and has endorsed Kamala Harris as his successor. Harris expressed gratitude for the President’s endorsement and emphasized her commitment to earning and securing the Democratic nomination.
Joe Biden’s unexpected exit from the 2024 presidential race had a profound impact on the values of presidential meme coins, reflecting the shifting dynamics and speculations within the political landscape. The surge in Kamala Harris-linked tokens and the market reactions to Biden’s withdrawal underscore the unpredictable and volatile nature of cryptocurrency markets intertwined with political events.