In a surprising turn of events, President Joe Biden has officially withdrawn from the upcoming presidential race, despite his previous assertions that he would remain a candidate. Biden’s withdrawal of Presidential candidature was unexpected and has had a significant impact on the market, particularly affecting investors in meme coins associated with President Biden, his wife Jill, and his son Hunter. The market capitalization of these meme coins has plummeted by over 61% following the news.
The Joe Biden-linked Jeo Boden (BODEN) token experienced a dramatic decline, tanking 61% in less than nine hours after the announcement. CoinGecko data reveals that nearly $10 million was wiped from BODEN’s market cap, which stood at $16.2 million before the news broke.
Similarly, meme coins linked to Joe Biden’s family members suffered even more substantial losses. The Jill Boden token (JILLBODEN) plummeted by 76.72%, and Hunter Biden’s Laptop (LAPTOP) fell by 61.66%, according to CoinMarketCap. The market caps for JILLBODEN and LAPTOP have both fallen below $100,000, while BODEN’s market cap has dropped to $6.18 million.
Conversely, the Kamala Harris-linked Kamala Harris (KAMA) memecoin surged by 78.10% amid speculation that U.S. Vice President Kamala Harris will replace Biden as the Democratic candidate. Although KAMA has since cooled off by 34.57% from its 24-hour high of $0.0297, Harris is now favored with 80% odds to replace Biden, according to punters on the decentralized predictions market Polymarket.
Punters have given only 5% odds to former U.S. First Lady Michelle Obama and 4% odds to Michigan Governor Gretchen Whitmer in the race.
However, crypto supporters are curious about the future stance of Vice President Harris on the cryptocurrency industry as she has never publicly shared an opinion on the matter, either for or against.
President Biden did not cite specific reasons for his withdrawal of presidential candidature, stating only that it was in the “best interest” of his party and the country. Reports suggest that there was considerable pressure from within the Democratic Party for him to step down following a weak debate performance against Republican presidential candidate Donald Trump. Despite his withdrawal from the race, Biden intends to complete his current term as President.
In related market movements, the Make America Great Again-themed memecoin MAGA, linked to Republican candidate Donald Trump, saw a 7% increase following Biden’s announcement. However, at the time of writing, the MAGA price dropped by 10.77% as per CoinMarketCap. Whereas Super Trump Coin (STRUMP) has surged by 24.83%.
As the political landscape shifts with Biden’s withdrawal of presidential candidature, the impact on both the traditional financial markets and the more volatile world of meme coins is becoming increasingly evident. Investors and political analysts alike are closely watching the developments, particularly regarding the Democratic Party’s next steps and how Vice President Harris might reshape the race and her stance on critical issues, including cryptocurrency.
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