Biden-Related MemeCoins Crash After His Exit from the Presidential Race
Date: 2024-07-22 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
Joe Biden announcement
On July 21, 2024, current US President Joe Biden announced his withdrawal from the presidential race. Biden plans to address the nation with more details about his decision this week. This decision immediately had a significant impact on the market for memcoins associated with politicians.
The news of Biden's withdrawal from the race caused a sharp drop in prices for PoliFi tokens associated with his name. According to data from CoinGecko, the Jeo Boden token (BODEN) has dropped in price by 57% in the last 24 hours. Similarly, the memecoin MAGA (TRUMP), associated with former President Donald Trump, lost 7.3%.
The Rise of Trump-Related Memcoins
Interestingly, not all tokens associated with politicians experienced a decline. Some memecoins associated with Donald Trump, on the contrary, showed growth. For example, over the past 24 hours, the Super Trump (STRUMP) rate has risen by 25%, and the Doland Tremp (TREMP) rate has risen by 2%. This suggests that news of Biden's exit influenced market perceptions of the other candidates.
Biden's announcement also changed the chances of other candidates winning in the upcoming election. According to the Polymarket platform, Donald Trump now has a 64% chance of winning, while Kamala Harris has a 29% chance of winning. There is only a 3% chance that Michelle Obama will lead the country.
Previous Memcoin Fluctuations
This is not the first time that political events have had a significant impact on the memcoin market. We previously reported that PoliFi tokens jumped in price after the assassination attempt on Donald Trump. This highlights how sensitive the cryptocurrency market is to political news and events.
Joe Biden's decision to withdraw from the presidential race has had a profound impact on the market for political-related memcoins. The fall in Biden-related tokens and the rise in Trump-associated memcoins reflect changing market sentiment. The impact of political events on cryptocurrencies continues to be a significant factor, and further developments will be closely monitored by market participants.
