The Impact of Joe Biden’s Withdrawal on Presidential Meme Coins

The recent announcement by Joe Biden regarding his withdrawal from the 2024 presidential race created a ripple effect in the world of cryptocurrency, specifically in the realm of presidential meme coins. Following the news, there was a significant amount of volatility observed in the market, with tokens linked to Biden and his family experiencing drastic fluctuations in value.

Immediately after the announcement, the Joe Biden-linked Jeo Boden (BODEN) token suffered a dramatic 60% drop in less than two hours. The market cap of BODEN shrunk by almost $10 million, plummeting from $16.2 million to $6.8 million. Moreover, tokens associated with Biden’s family members, such as the Jill Boden (JILLBODEN) and Hunter Boden (HUNTBODEN) tokens, also experienced substantial losses, with JILLBODEN tanking by 82.5% and HUNTBODEN losing over 31%.

On the flip side, the announcement of Biden’s withdrawal sparked a surge in the value of tokens linked to potential Democratic replacements. The Kamala Harris-linked Kamala Horris (KAMA) token saw a staggering increase of 135%, reaching an all-time high of $0.02571. The market reacted positively to speculation that Harris would replace Biden as the Democratic candidate, with the KAMA token remaining up by 84% in the last 24 hours, trading at $0.01934.

Data from the decentralized predictions market Polymarket indicated that the odds of Kamala Harris replacing Biden stood at 85%. In contrast, other potential Democratic candidates like Michelle Obama and Gretchen Whitmer trailed far behind, with odds of 5% and 3% respectively. Biden’s decision to withdraw from the race was not accompanied by specific reasons but was attributed to being in the best interest of his party and the country. He has since endorsed Kamala Harris as his replacement, with Harris expressing her intention to earn and win the nomination.

The impact of Joe Biden’s withdrawal on presidential meme coins has highlighted the interconnectedness of politics and the cryptocurrency market. The drastic fluctuations in token prices following the announcement underscore the influence of political events on digital assets, reflecting the volatile nature of the crypto space. As the race for the Democratic nomination unfolds, it will be interesting to see how the values of these tokens continue to evolve in response to unfolding political developments.