Biden Exit Triggers 60% Crash in Family Memecoins, Kamala Harris-linked Token Surges

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Joe Biden-linked tokens crash over 60% while Kamala Harris-themed memecoin surges 133% amid speculation of her candidacy. Bitcoin dips 2.3% as markets react to unexpected withdrawal announcement.

In a shocking turn of events, US President Joe Biden announced his withdrawal from the 2024 presidential race, sending ripples through both traditional and cryptocurrency markets. The decision triggered a significant downturn in memecoins associated with the Biden family, while simultaneously boosting tokens linked to potential successors.

My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best… pic.twitter.com/x8DnvuImJV

— Joe Biden (@JoeBiden) July 21, 2024

>> Also Read: Biden’s Odds of Dropping Out Rise to 46% on Polymarket After Debate

The Joe Biden-themed token, Jeo Boden (BODEN), experienced a dramatic 62% drop within two hours of the announcement. This sharp decline wiped nearly $10 billion from its market cap, which previously stood at $16.2 billion. Other Biden family-related tokens suffered even greater losses, with Jill Boden (JILLBODEN) plummeting 68.5% and Hunter Biden’s Laptop (LAPTOP) falling 62%.

Conversely, the Kamala Harris-linked memecoin, Kamala Horris (KAMA), surged by an impressive 133% as speculation mounted that the Vice President could become the Democratic nominee. Despite a subsequent 35% correction, Harris now holds 80% odds of replacing Biden according to the decentralized predictions market Polymarket.

The broader cryptocurrency market also felt the impact of Biden’s decision. Bitcoin experienced a 2.3% dip, briefly touching $65,885 before stabilizing around $67,002. Analyst Noelle Acheson attributed this decline to the increased likelihood of a candidate potentially less favorable to the crypto industry defeating Trump in November.

Interestingly, the Trump-themed memecoin MAGA saw a 7% increase following Biden’s exit, reflecting the complex interplay between politics and the crypto market.

Biden’s withdrawal statement emphasized his commitment to fulfilling his current presidential duties, stating it was in the “best interest” of both his party and the country. As the political landscape shifts, the cryptocurrency market continues to react, underscoring the growing influence of digital assets in electoral dynamics.

>> Read More:

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• Top 5 Political Memecoins & What is PolitiFi
• Outlook for PoliFi Tokens After Trump Assassination Attempt