Memecoins linked to President Joe Biden and his family have fallen more than 60% following Biden’s announcement to drop out of the 2024 presidential race, while Kamala Harris-linked tokens soared.
Points
- Joe Biden-linked memecoins fell over 60% after Biden exited the race.
- Kamala Harris-linked memecoins increased by 133%.
- Biden’s exit has significantly impacted the market for related memecoins.
- The future of Biden family memecoins remains uncertain.
Memecoins associated with President Joe Biden and his family experienced a sharp decline of more than 60% following his announcement to drop out of the 2024 presidential race. The Joe Biden-linked Jeo Boden （BODEN） token dropped by 62% within two hours of the news. Similarly, memecoins tied to Biden’s family members, such as Jill Boden （JILLBODEN） and Hunter Biden’s Laptop （LAPTOP）, also plummeted, with JILLBODEN falling 68.5% and LAPTOP dropping 62%.
In contrast, the Kamala Harris-linked Kamala Horris （KAMA） memecoin surged by 133% amid speculation that Harris will replace Biden as the Democratic candidate. While KAMA has since cooled off by 35% from its 24-hour high, Harris remains a strong contender for the nomination, with 80% odds on the decentralized predictions market Polymarket.
Former US First Lady Michelle Obama and Michigan Governor Gretchen Whitmer trail far behind, with less than 5% and 4% odds, respectively. The uncertainty surrounding Harris’s stance on cryptocurrency has left the market speculating, as she has not publicly shared her opinions on the matter.
Biden’s decision to step down has left the Biden family memecoins struggling to maintain their value, with nearly 10 billion wiped from BODEN’s market cap, which stood at 16.2 billion before the news broke. The impact of Biden’s exit on the memecoin market underscores the volatility and speculative nature of these digital assets.
Explanation
- Biden’s withdrawal from the presidential race caused significant volatility in the market for Biden family memecoins.
- Kamala Harris-linked memecoins surged, reflecting market speculation on her potential candidacy.
- The memecoin market remains highly sensitive to political developments, highlighting the speculative nature of these assets.