- Joe Biden’s recent decision not to run for re-election in 2024 has created considerable upheaval in the cryptocurrency market.
- One unexpected consequence has been the significant volatility in the values of various politically-themed meme coins.
- Jeo Boden (BODEN), a meme coin named after Joe Biden, saw its value plummet dramatically following this announcement.
Explore how Joe Biden’s withdrawal from the 2024 presidential race has impacted the meme coin market and the soaring fortunes of rival tokens.
Joe Biden Withdraws From 2024 Presidential Race
In an unexpected turn of events, current U.S. President Joe Biden announced that he will not be seeking re-election in the 2024 presidential race. Biden cited that retreating from the race is in the best interest of his party and the nation. This announcement has caused a ripple effect in various sectors, especially the meme coin market.
Immediate Impact on Jeo Boden Meme Coin
The abrupt announcement particularly impacted Jeo Boden (BODEN), a meme coin named after Biden, whose value dipped substantially. Trading at approximately $0.02544 before the announcement, the token’s value nosedived by 68%, reaching $0.00827 shortly after the news broke. This stark decline indicates the significant influence of political events on niche crypto markets.
Positive Surge in Other Meme Coins
Interestingly, while BODEN saw a sharp decline, other meme coins centered around potential political candidates saw noteworthy gains. Kamala Horris, a token presumably named after Vice President Kamala Harris, surged by 52%. Additionally, Gabin Noosum meme coin, likely associated with another political figure, experienced a staggering 115% increase. These movements reflect the highly speculative nature of meme coins and the market’s reaction to political dynamics.
Surge in Trump-Associated Meme Coins
Donald Trump’s politically-themed meme coins also benefitted from Biden’s announcement. Doland Tremp, a coin named after Trump, rose by 24% following the news. Speculators and investors seem to be increasingly betting on Trump’s chances, influencing the price of associated cryptocurrencies significantly.
Polymarket Predicts Future Political Outcomes
Notably, the decentralized prediction market platform Polymarket also saw considerable changes. Biden’s chances of winning the 2024 election dropped below 1% on the platform. In contrast, Kamala Harris’s chances rose to 26%, while Trump’s likelihood to secure a win remained steady at 63%. These statistics further illustrate how political developments resonate through prediction markets and crypto-related assets.
Conclusion
The fallout from Joe Biden’s announcement not to run for re-election in 2024 underscores the profound connection between political events and cryptocurrency volatility. The rapid shifts in the value of politically-themed meme coins such as Jeo Boden, Kamala Horris, and Doland Tremp highlight both the speculative nature of these assets and their sensitivity to real-world news. As the political landscape continues to evolve, one can anticipate further fluctuations in the values of these and other niche cryptocurrencies.
