The announcement of Joe Biden’s withdrawal from the 2024 presidential race sent shockwaves through the cryptocurrency market, particularly impacting meme coins associated with him and his family. The Jeo Boden (BODEN) token, linked to Biden, saw a drastic drop of 60% in value within just a couple of hours. This led to a significant decrease in market cap, shrinking by almost $10 million from $16.2 million to $6.8 million. The token hit an all-time low of $0.008279 on July 22, 2024, before making a slight recovery to $0.009769, representing a 57.1% decrease in the last 24 hours.
Tokens associated with Biden’s family members fared even worse following the announcement. The Jill Boden (JILLBODEN) token experienced an 82.5% decline, trading at $0.00001298 after reaching an all-time low of $0.00001733 on July 22. Likewise, the Hunter Boden (HUNTBODEN) token also faced a significant drop of over 31%, currently trading at $0.0001006, slightly above its all-time low of $0.0001009 recorded on July 22.
In contrast to the decline in Biden-related tokens, the Make America Great Again-themed meme coin (MAGA) linked to Republican candidate Donald Trump saw a more modest decrease of 6.3% following Biden’s exit. Meanwhile, the Kamala Harris-linked Kamala Horris (KAMA) token surged amid speculation that the current Vice President could replace Biden as the Democratic candidate. The KAMA token skyrocketed by 135% to hit an all-time high of $0.02571 on July 21, 2024. Although the token has since stabilized, it remains up by 84% in the last 24 hours, trading at $0.01934.
Political Speculation and Odds
Data from the decentralized predictions market Polymarket indicates that the likelihood of Kamala Harris taking over Biden’s position stands at 85%. Other potential Democratic contenders, including former First Lady Michelle Obama and Michigan Governor Gretchen Whitmer, have much lower odds at 5% and 3%, respectively. Biden’s decision to step down from the race without specifying reasons was deemed to be in the “best interest” of his party and the nation. He has thrown his support behind Kamala Harris as his successor, with Harris expressing gratitude for his endorsement and determination to secure the nomination.
The recent announcement of Joe Biden’s withdrawal from the 2024 presidential race has had a significant impact on the volatility of presidential meme coins, particularly those linked to him and his family. The shift in token values reflects the changing political landscape and the speculative nature of cryptocurrency markets in response to key political events.
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