- The crypto market experienced significant fluctuations following President Joe Biden’s announcement that he will not be seeking re-election in 2024.
- This decision reverberated both politically and economically, particularly impacting meme coins, which are often driven by personalities or current events.
- For example, the value of Jeo Boden (BODEN), a meme coin named after Biden, plummeted by 68%.
Discover how President Joe Biden’s withdrawal from the 2024 election impacted the volatile meme coin market and led to dramatic shifts in crypto valuations.
Major Market Movements Following Biden’s Announcement
Joe Biden made headlines yesterday evening by stating that he would not seek re-election in 2024 to better serve his party and country. This announcement led to immediate and dramatic market reactions, especially in the meme coin segment of the cryptocurrency market. Meme coins are known for their rapid value shifts, often tied to public figures or news events, and Biden’s announcement served as a catalyst for significant price volatility.
Price Declines in Biden-Related Meme Coins
One of the most notable impacts was observed in the value of Jeo Boden (BODEN), a meme coin directly associated with Biden. Shortly after the announcement, BODEN’s value dropped from $0.02544 to $0.00827, representing a staggering 68% decrease. Such a dramatic drop can be attributed to the uncertainty regarding Biden’s political future, causing a loss of investor confidence in meme coins tied to his name.
Upsurges in Other Political Meme Coins
Conversely, meme coins representing other political figures saw an increase in value. Kamala Horris, a coin named after Vice President Kamala Harris, surged by 52%, while Gabin Noosum’s coin soared by 115%. These spikes suggest that investors are hedging their bets on other potential candidates, likely anticipating a shift in political support following Biden’s withdrawal.
Similarly, Doland Tremp, a meme coin tied to Republican candidate Donald Trump, rose by 24%. This upward trend emerged immediately after the news broke, reflecting increased optimism about Trump’s potential advantage in the upcoming election. Trump commented on Biden’s announcement, criticizing his suitability for running and holding office.
Polygon-Based Prediction Markets and Their Reactions
The Polygon-based prediction market, Polymarket, also saw shifts in probabilities. According to Polymarket, Biden’s chances of winning the 2024 election plummeted to below 1%, while Kamala Harris’s chances rose to 26%. Donald Trump’s odds remained stable at 63%. These changes highlight the evolving political landscape and how it influences investor behavior in the crypto market.
Kamala Harris Meme Coins Skyrocket
Harris’ announcement as a potential candidate had a profound impact on meme coins associated with her. KAMA, KAMALA, and HARRIS tokens experienced remarkable increases of 87%, 84%, and 188%, respectively. This surge underscores heightened investor interest and speculations surrounding her candidacy.
Cautionary Note on Meme Coin Frauds
While some meme coins saw impressive gains, others suffered significant losses. Ethereum-based BIDEN dropped by 75%, and Solana-based BODEN decreased by 60%. Moreover, the market witnessed an uptick in new meme coins related to both Biden and Harris, many of which turned out to be fraudulent schemes commonly known as rug pulls. These scams led to substantial financial losses for investors, highlighting the inherent risks within the meme coin segment.
Conclusion
President Joe Biden’s decision to withdraw from the 2024 election has undeniably shifted the political and economic landscape, with pronounced effects on meme coin valuations. Investors should exercise caution and conduct thorough research, particularly within the highly speculative and volatile meme coin market. As political dynamics continue to evolve, the crypto market is likely to witness further fluctuations, offering both opportunities and risks.
