After Joe Biden announced his withdrawal from the 2024 presidential race on July 21, 2024, presidential meme coins experienced significant volatility. The news not only affected tokens linked to Biden and his family but also had an impact on potential Democratic replacements.
Immediately following the announcement, the Joe Biden-linked Jeo Boden (BODEN) token suffered a substantial drop of 60% in less than two hours. Its market cap shrunk by nearly $10 million, plummeting from $16.2 million to $6.8 million. The token hit an all-time low of $0.008279 on July 22, 2024, before slightly recovering to $0.009769, marking a 57.1% decrease in the last 24 hours.
Tokens associated with Biden’s family members also experienced significant losses. The Jill Boden (JILLBODEN) token tumbled by 82.5% in the last 24 hours, trading at $0.00001298 after hitting an all-time low of $0.00001733 on July 22. The Hunter Boden (HUNTBODEN) token saw a notable decline of over 31%, trading at $0.0001006, slightly above its all-time low of $0.0001009 recorded on July 22.
On the other hand, the Make America Great Again-themed meme coin (MAGA) linked to Republican candidate Donald Trump decreased by 6.3% following Biden’s exit from the race. In contrast, the Kamala Harris-linked Kamala Horris (KAMA) token surged amid speculation that the current Vice President would replace Biden as the Democratic candidate. The KAMA token increased by 135%, reaching an all-time high of $0.02571 on July 21, 2024. Although the token has cooled off since then, it remains up by 84% in the last 24 hours, trading at $0.01934.
Data from the decentralized predictions market Polymarket indicates that the odds of Kamala Harris replacing Biden are at 85%. Other potential Democratic candidates, including former First Lady Michelle Obama and Michigan Governor Gretchen Whitmer, have much lower odds of 5% and 3%, respectively. Biden did not provide specific reasons for his withdrawal but mentioned that it was in the “best interest” of his party and the country.
Despite stepping down from the race, Biden has endorsed Kamala Harris as his replacement. In response, Harris expressed her gratitude for the President’s endorsement and stated her intention to earn and win the nomination. The political landscape is evolving rapidly, with market forces reacting to each development in real-time.
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