- On July 21, 2024, the crypto market witnessed significant turbulence as President Joe Biden announced his withdrawal from the 2024 presidential race.
- This announcement caused sharp fluctuations in the value of tokens associated with Biden and his potential Democratic successors.
- Price movements varied widely, with tokens linked to Biden suffering substantial losses while those tied to potential replacements saw a surge.
Discover the impact of President Joe Biden’s exit from the 2024 race on the crypto market, especially meme coins, and the surging interest in Kamala Harris tokens.
Biden-Linked Tokens Plummet
Shortly after Biden announced his decision, the Jeo Boden (BODEN) token crashed by 60% within a few hours, leading to a significant decrease in market capitalization from $16.2 million to $6.8 million, as indicated by CoinGecko data. It hit a record low of $0.008279 on July 22, 2024, before slightly recovering to $0.009769, marking a 57.1% drop over the past day.
Other Tokens Impacted
Tokens associated with Biden’s family saw even more drastic declines. The Jill Boden (JILLBODEN) token plummeted by 82.5% over the last 24 hours, trading at $0.00001298 after reaching a low of $0.00001733 on July 22. Similarly, the Hunter Boden (HUNTBODEN) token dropped over 31%, trading at $0.0001006, just above its historical low of $0.0001009.
KAMA Token Soars Amid Speculation
Conversely, the Kamala Horris (KAMA) token surged by over 135% on speculation that Vice President Kamala Harris might replace Biden as the Democratic candidate. The KAMA token reached an all-time high of $0.02571 on the same day, later stabilizing at $0.01934, still up by 84% over the past 24 hours. According to Polymarket data, the likelihood of Kamala Harris stepping in for Biden stands at 85%, far ahead of other Democratic potentials like Michelle Obama and Gretchen Whitmer, who have odds of 5% and 3% respectively.
Political Implications
Although Biden did not reveal explicit reasons for his withdrawal, he noted that his decision was in the “best interest” of both his party and the nation. He intends to complete his current term and has formally endorsed Kamala Harris as his replacement. Harris expressed her gratitude for the endorsement, stating, “I am honored to have the President’s endorsement, and my intention is to earn and win this nomination.”
Conclusion
The withdrawal of President Joe Biden from the 2024 presidential race has created a ripple effect in the cryptocurrency market, primarily affecting meme coins associated with him and his family. Meanwhile, Kamala Harris-linked tokens have seen a significant rise due to growing speculation about her candidacy. As political dynamics shift, it will be crucial to monitor how these developments continue to influence the crypto landscape.
