- Kamala Harris-related tokens surged by 53.4% following Biden’s exit.
- Trump-related meme coins saw substantial gains, with TRUMP and MAGA tokens increasing by over 40%.
- Biden-themed meme coins plummeted by 56%, reflecting market volatility.
Joe Biden, the President of the United States, has announced on his X account that he will not be open for the next elections set to happen on November 5, 2024. With the decision being supported by Democrats, Biden has shown his support for Vice President Kamala Harris, endorsing her as his preferred successor.
Kamala Harris-related tokens, such as the “Kamala Horris” (KAMA) token, surged by 53.4% amidst speculations that she might be the next Democratic candidate. This surge shows the growing confidence in Harris as a potential leader, driving interest and investment in associated digital assets.
Trump-related meme coins also experienced a surge in value. Immediately following the announcements, the Donald Trump (TRUMP) token recorded an increase of 6.4%, while the MAGA token showed an increase of 56.7% in price.
Meanwhile, Biden-themed meme coins have recorded a bearish trend. Tokens named after President Biden and his family members, such as the “Jeo Boden” (BODEN) token, dropped more than 65% within 24 hours of his announcement.
This decline wiped nearly $10 million from BODEN’s market cap. However, it is now trading with an 8% gain, reflecting the market’s fluctuating sentiment. Another candidate-related token, Gabin Noosum, dropped an impressive 50%, further illustrating the instability in the meme coin market.
In the report of Polymarket data, Donald Trump continues to defend his position, with 65% odds of winning the election, while Kamala Harris’s chances read at 28% at the time of writing.
The crypto community has celebrated Biden’s announcement, as his administration faced criticism for its unfair regulations and policies leading to a negative impact on crypto investors and companies.
Trump, who has become a favorite of the crypto community in recent times, has promised to bring crypto-friendly policies to Americans if elected.
Biden’s withdrawal has reshaped the meme coins market, creating new opportunities and shifting investor focus. Kamala Harris and Trump-related tokens have emerged as key winners, capitalizing on the increased attention and speculative trading.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
