President Joe Biden’s announcement to withdraw from the 2024 presidential race caused a significant market reaction, with the Biden-linked BODEN token plummeting by 44% and other political tokens reacting strongly.
Points
- Biden’s withdrawal from the race caused the BODEN token to drop by 44%.
- Kamala Harris-linked tokens surged amid speculation of her nomination.
- Donald Trump-linked tokens also saw gains following Biden’s announcement.
- The political shake-up has significantly impacted the PolitiFi market.
U.S. President Joe Biden has officially withdrawn from the 2024 presidential race, announcing his decision on July 21, just four months before the election. In his statement, Biden cited the “best interest of my party and my country” as reasons for stepping down. Following this announcement, the Biden-linked memecoin Jeo Boden （BODEN） experienced a sharp 44% decline.
The political shake-up also influenced other political tokens. Kamala Horris （KAMA）, linked to Vice President Kamala Harris, saw a notable 52% increase amid speculation that Harris might replace Biden as the Democratic nominee. Additionally, Gabin Noosum, another contender-inspired token, jumped 115%.
The market reaction extended to tokens linked to Republican presidential candidate Donald Trump. The Doland Tremp memecoin gained 24% following Biden’s withdrawal. On the Polymarket prediction market, Biden’s odds of winning the election dropped to below 1%, while Kamala Harris’s odds increased to 26%. Trump maintained a steady 63%.
Biden’s decision to step down came after mounting pressure from top Democrats, including Senate Majority Leader Chuck Schumer and former House Speaker Nancy Pelosi, who expressed concerns about his ability to defeat Trump in the upcoming election. Biden’s weak debate performance last month further fueled discussions about his potential withdrawal.
As the Democratic National Convention approaches, it remains unclear whether the party will follow Biden’s endorsement and nominate Harris. While some potential challengers, such as California Governor Gavin Newsom and Michigan Governor Gretchen Whitmer, have been mentioned, Harris currently leads the pack with 81% odds on Polymarket.
Explanation
- Biden’s withdrawal caused significant volatility in the PolitiFi market, with the BODEN token dropping sharply.
- Kamala Harris-linked tokens surged amid speculation of her potential nomination.
- The political shake-up has impacted other contender-linked tokens and the broader market.
- Biden’s decision followed increasing pressure from top Democrats and a weak debate performance.