Joe Biden’s Withdrawal Impacts Meme Tokens
After Joe Biden’s announcement of withdrawing from the 2024 presidential race, meme tokens related to him and his family experienced a sharp drop in value. These digital assets lost more than 60% of their value, while the meme coin Kamala Horris (KAMA), dedicated to a potential replacement for Biden as the Democratic Party candidate, showed a significant increase.
Market Fluctuations
According to the CoinGecko aggregator, the meme token Jeo Boden (BODEN), dedicated to Biden, lost 60% of its value, with its market capitalization decreasing from $17.6 million to $6.5 million in just one day. Even more serious losses were incurred by meme coins related to Biden’s family members. For instance, the Jill Boden token (JILLBODEN), dedicated to the president’s spouse, dropped by 83%, with its market capitalization now below $100,000. The coin associated with the scandal around President’s son Hunter Biden’s laptop, Hunter Biden’s Laptop (LAPTOP), lost 62% of its value, also falling below $100,000.
Rise of Kamala Horris
Against the backdrop of these declines, the meme coin Kamala Horris (KAMA) demonstrated a sharp growth, increasing by 64%. This is due to Kamala Harris being considered as the most likely candidate to replace Biden from the Democrats. Despite the lack of an official announcement of her participation in the election race and her public position on cryptocurrencies, interest in this token has grown.
Biden did not explain the reasons for his withdrawal from the presidential race, just noting that this decision was made in the interests of the country and the party.
