As an experienced financial analyst, I find the recent trend of memecoins tied to potential U.S. presidential candidates intriguing and a reflection of the dynamic intersection between politics and finance. The surge in memecoins associated with Vice President Kamala Harris and Pete Buttigieg is noteworthy, as their market value has seen significant growth following speculation over Joe Biden’s future in the 2024 presidential race.
Due to uncertainty surrounding Joe Biden’s possible presidential bid in 2024, the value of memcoins linked to potential contenders like Kamala Harris has risen sharply. In contrast, “Joe Boden” and “MAGA” coins inspired by Biden have experienced erratic price movements.
During the US election season, there’s an increasing trend for both campaigns to employ cryptocurrencies and related transactions more frequently compared to past elections.
Based on current news, there are rumors that Biden is pondering his participation in the 2024 presidential election, leading traders on Polymarket to significantly increase the probability of him withdrawing from the race, reaching nearly 80% on Wednesday as compared to 55% previously.
After a turbulent seven days in the “Will Biden Drop Out of the Presidential Race?” market on Polymarket, where almost $10 million has been wagered, there’s been a surprising spike in the odds. Prior to last week’s debate against Donald Trump, these odds stood at 20%.
— Rolling Stone (@RollingStone) July 3, 2024
The White House denied all reports that Biden is considering dropping out.
Memecoins
As a researcher studying memecoins, I’ve observed notable fluctuations in the market over the past few months, with coins associated with both Joe Biden and Donald Trump experiencing significant price movements. However, recent speculation regarding Biden’s health has led to a surge in demand for memecoins tied to potential successors, resulting in noticeable price increases for these particular digital assets.
I, as an analyst, have observed that the BODEN coin experienced significant volatility during the past six months. Reaching a peak of almost $0.80 in April, its value subsequently plummeted to the current price of merely $0.035. This represents a staggering 95% decline from its all-time high.
The price of the MAGA (TRUMP) coin reached a peak of $17.37 back in June, but it has since declined significantly and now costs around $5.35.
Biden’s replacement memecoins
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing trend over the past day. Memecoins, which are digital currencies based on humorous images or concepts, inspired by potential political figures who could potentially replace Joe Biden, have experienced significant growth in value. Two notable examples include “Kamala Coin,” associated with Vice President Kamala Harris, and “Buttigieg Bucks,” linked to Pete Buttigieg.
Kamala Coin (KAMA) increased by over 110% last day.
Based on information from CoinGecko, the cryptocurrency “Gabin Noosum” (NOOSUM) experienced a 15% increase over the last 24 hours, while “Robert F Kennedy Jr’s namesake coin,” referred to as “Ruburt F Kenidy Jr” (KENIDY), registered a 10% growth during the same timeframe.
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2024-07-03 21:42