As a seasoned crypto investor with a keen interest in political memecoins, I’ve witnessed my fair share of market volatility. However, nothing quite compares to the recent events surrounding Joe Biden’s withdrawal from the 2024 presidential race and its immediate impact on related memecoins like Jeo Boden (BODEN), Jill Boden (JILLBODEN), and Hunter Biden’s Laptop (LAPTOP).
The memcoin associated with President Biden, named BODEN, experienced a significant decrease of 62%, following Biden’s announcement that he would not run for re-election in 2024. Conversely, the value of Kamala Harris’ memcoin, KAMA, saw a noticeable uptick due to rumors circulating about Harris potentially taking over the presidential role.
In a shocking turn of events, the cryptocurrency token BODEN, which is associated with President Joe Biden, experienced a drastic plunge of 62% within just two hours. This decline led to a significant loss of approximately $10 million from its initial market capitalization of $16.18 million, as reported by CoinMarketCap prior to the announcement.
Memecoins associated with the Biden family members, including Jill Biden’s coin (JILLBODEN) and Hunter Biden’s Laptop token (LAPTOP), underwent significant losses. JILLBODEN plummeted by 76.1%, while LAPTOP saw a decline of 62%. According to CoinMarketCap, their market caps dropped below the $100,000 threshold.
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Michelle Obama and Governor Gretchen Whitmer have low prospects, holding only 5% and 4% chances, respectively, of securing the Democratic nomination for president. As for Kamala Harris, she has yet to declare her position on cryptocurrency in a public forum, leaving her potential policies on this industry open to interpretation.
Biden justified his decision to step down from the presidency based on what he believed was in the best for both his political party and the nation, without going into detail about reasons or completion plans for his current term. Simultaneously, there’s been a 7% surge in value for the MAGA memecoin associated with Republican nominee Donald Trump following Biden’s departure.
The significant transformation in the political scene has left a noticeable imprint on these memcoins with a political slant, mirroring the market’s response to the evolving situation in the forthcoming presidential election.
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2024-07-22 07:32