As a seasoned crypto investor with several years of experience under my belt, I have learned to keep a keen eye on political events that could potentially impact the market. The recent announcement by President Joe Biden that he will not seek re-election and his endorsement of Vice President Kamala Harris as the Democratic nominee was an unexpected development that sent shockwaves through the crypto world.
TL;DR
- President Joe Biden said he will not compete in the US presidential elections, endorsing vice president Kamala Harris as the Democratic nominee, with significant party support.
- The disclosure caused volatility in the cryptocurrency market, with Biden-related meme coins dropping and a Harris-related token surging by nearly 90%.
The Biden Effect
On July 21, Joe Biden, the presently serving President of the United States of America, created a stir by declaring that he does not intend to stand for re-election in November this year. This decision came in response to intense pressure from prominent figures within the Democratic party who advocated for him to withdraw from the upcoming election due to his subpar showing against Donald Trump during their public debate the previous month.
As a researcher, I’ve come across multiple findings that disclosed the President of the United States (POTUS) contracted COVID-19 a few days prior. This recent development further raises concerns about his current health situation, which appears to be cause for worry based on recent reports.
Vice President Kamala Harris gained the endorsement of Joe Biden, becoming the Democratic Party’s nominee for the upcoming elections. Numerous party supporters allegedly voiced their approval of this decision.
Anticipated, Biden’s revelation caused a significant ripple effect in the cryptocurrency sector, most notably in the meme coin domain. Tokens associated with the current political figure, like Jeo Boden (BODEN), experienced double-digit percentage drops.
As an analyst, I’ve observed an intriguing development in the world of meme coins. Specifically, Kamala Harris-themed coin, KAMA, experienced a remarkable surge. This digital asset saw its value nearly doubling, reaching an unprecedented peak above $0.02.
As a researcher studying the financial markets, I’ve observed that the asset connected to Republican candidate Donald Trump’s campaign, often referred to as MAGA or Trump coins, underwent significant volatility. Following the announcement, its price surged noticeably. However, over the past few hours, it has been retracing and is now trading approximately at $6.80 according to CoinGecko’s data, representing a 7% decrease in value within the last 24 hours.
Beware the Risks Involved
The significant volatility exhibited by the aforementioned meme coins serves as a reminder for traders to exercise caution when entering this sector. A thorough investigation is necessary before making any investments, and one should be prepared to potentially lose the entire amount.
There are plenty of stories about individuals making millions quickly from the surge in value of specific meme coins. However, it’s important to remember that not everyone has had successful experiences. Some investors have incurred significant financial losses by joining the market at unfavorable times.
For those considering jumping on the trend, we recommend checking out our informative video to avoid typical pitfalls associated with this topic.
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2024-07-22 09:02