- The cryptocurrency market has experienced significant volatility with sharp sell-offs.
- Interestingly, meme coins inspired by potential Democratic presidential candidates have surged over the past 24 hours.
- In contrast, the Joe Biden-themed meme coin, Joe Boden (BODEN), saw a decline of over 30% in daily trading.
Surge in New Meme Coins Inspired by Political Figures Amid Market Turbulence
PolitiFi Meme Coins Gain Traction Amid Political Speculation
In a continuing closely-watched development, the cryptocurrency market has seen a flurry of activity driven by the US presidential race. As reported by Cryptonews.com, meme coins reflecting political sentiment, like TRUMP and BODEN tokens, have entered the fray. Recently, there have been an increase in calls for Joe Biden to withdraw from the race, leading to meme coins inspired by alternative Democratic candidates recording substantial gains over the last 24 hours.
Notable Growth Among Specific PolitiFi Tokens
According to CoinGecko, meme coins like Gabin Noosum (NOOSUM) and Kamala Horris (KAMA) have experienced remarkable increases of 15% and 250%, respectively, within a day. Furthermore, the Ruburt F Kenidy Jr (KENIDY) token, influenced by independent candidate Robert F. Kennedy Jr., saw a 10% hike in the same period. Conversely, the Joe Biden-inspired Jeo Boden (BODEN) token took a significant hit, dropping over 30% in value.
Heightened Pressure for Joe Biden To Withdraw
President Joe Biden’s recent performance in a televised debate against his Republican counterpart Donald Trump has fueled calls for his withdrawal from the race. Various political analysts argue that Biden, should he choose not to compete, opens the field for other potential Democratic candidates. Biden has until August 4th to finalize his decision due to the candidate registration deadline set by Ohio state law.
Names being floated as potential replacements include Vice President Kamala Harris, Michigan Governor Gretchen Whitmer, California Governor Gavin Newsom, Transportation Secretary Pete Buttigieg, Senator Cory Booker, Illinois Governor J.B. Pritzker, and Senator Amy Klobuchar. Among these, Newsom frequently appears as a primary alternative, alongside Buttigieg and Booker, who have also previously shown presidential aspirations.
Bitcoin Price Prediction by Standard Chartered
Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered Bank, has forecasted that Bitcoin’s price could soar to $100,000 by the time of the US presidential elections in November. Kendrick’s prediction hinges on the notion that Joe Biden remains in the race, considering the market’s favorable view of Donald Trump’s potential victory. Kendrick states, “A new all-time high for BTC in August, followed by a run-up to $100,000 by election day is very plausible.” He posits that Trump’s perceived friendliness towards Bitcoin could be a significant influencing factor.
Kendrick further elaborates that under Trump’s administration, regulatory policies and mining activities for Bitcoin would experience a more supportive environment. He underscores the positive correlation between Trump’s election prospects and Bitcoin’s market performance, indicating a bullish trend should Trump clinch victory.
Conclusion
In summary, the cryptocurrency market’s dynamics have been notably influenced by the US presidential race. Meme coins tied to potential Democratic candidates have seen considerable gains, reflecting political speculative trades. At the same time, notable Analysts like Geoffrey Kendrick of Standard Chartered offer bullish predictions for Bitcoin’s future performance, contingent upon the political landscape. Investors and market watchers will undoubtedly keep a close eye on these developments, as they hold significant implications for both the meme coin sector and the broader cryptocurrency market.
