The memecoins associated with United States President Joe Biden and his family experienced a dramatic fall following his unexpected withdrawal from the 2024 presidential race. This event triggered significant volatility in politically-linked cryptocurrency tokens.
Biden Family Memecoins’ Decline
The memecoin named after President Joe Biden, Jeo Boden (BODEN), witnessed a sharp 62% decline within just two hours of Biden’s announcement. This dramatic drop erased nearly $10 billion from BODEN’s market cap, which previously stood at $16.2 billion, as per CoinGecko.
Other family-linked memecoins also suffered severe losses. The Jill Boden token (JILLBODEN) plummeted by 68.5%, and Hunter Biden’s Laptop (LAPTOP) memecoin fell by 62%, according to data from CoinMarketCap. Both tokens’ market caps have now dropped below the $100,000 mark.
Harris-Linked Memecoin Rises
Conversely, the Kamala Horris (KAMA) memecoin, linked to U.S. Vice President Kamala Harris, surged by 133% amidst speculations that Harris could be the Democratic candidate to replace Biden. Despite a subsequent 35% drop from its 24-hour peak, Harris remains a favorite with 80% odds of securing the Democratic nomination, according to betting markets on Polymarket.
While Kamala Harris has not publicly shared her stance on cryptocurrency, her potential candidacy and any emerging opinions could significantly influence the sector. Meanwhile, other Democratic figures such as former First Lady Michelle Obama and Michigan Governor Gretchen Whitmer are considered far less likely to be nominated, with odds trailing below 5% and 4% respectively.
MAGA Coin’s Movement
In contrast, the Make America Great Again-themed memecoin (MAGA), associated with Republican candidate Donald Trump, increased by 7% following Biden’s announcement. This rise reflects the political uncertainty and the potential shifts in policy that a change in administration could bring.
President Biden’s decision to withdraw from the race, citing it as in the “best interest” of his party and the country, has stirred not only political discussions but also significant movements in the world of political memecoins. As the landscape continues to evolve, the implications for digital assets linked to political figures will likely remain a point of interest and speculation.
This analysis provides insight into how political developments can impact associated digital assets and the broader implications for stakeholders in the cryptocurrency market.
Featured image credit: Freepik
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