As a seasoned financial analyst with extensive experience in the cryptocurrency market and politics, I find the recent events surrounding the presidential meme coins intriguing. Based on the data presented, it is evident that Joe Biden’s announcement of withdrawing from the 2024 presidential race had a significant impact on various tokens linked to him and potential Democratic replacements.
On July 21, 2024, there was significant price fluctuation in presidential meme coins after Joe Biden declared his withdrawal from the 2024 presidential campaign.
The announcement of this news significantly influenced the worth of tokens connected to Biden and his relatives, while at the same time increasing the value of tokens related to possible Democratic nominees.
Biden-Linked Tokens Crash Following His Withdrawal
Upon the recent announcement, I observed a significant decline in the value of Jeo Boden (BODEN) token, which is linked to Joe Biden. In just under two hours, the token dropped by approximately 60%, based on data from CoinGecko. As a result, BODEN’s market capitalization contracted nearly $10 million, decreasing from $16.2 million to $6.8 million.
On July 22, 2024, the value of the token reached a historic low of $0.008279. It subsequently experienced a slight uptick, but still remained at $0.009769 – representing a significant decline of approximately 57.1% over the past 24 hours.
The tokens associated with Biden’s family members experienced particularly heavy losses. For instance, the Jill Boden token (JILLBODEN) plummeted by 82.5% in the past day, settling at a price of $0.00001298 following its all-time low of $0.00001733 on July 22.
The Hunter Boden (HUNTBODEN) token experienced a significant drop, decreasing by more than 31%, and now trades at the low price of $0.0001006. This is just above its record low of $0.0001009, which was hit on July 22.
As a researcher studying the cryptocurrency market, I’ve observed a noteworthy development with the MAGA meme coin, which carries a Make America Great Again theme linked to Republican candidate Donald Trump. Since Democratic nominee Joe Biden exited the presidential race, there has been a 6.3% decrease in the value of this digital currency.
KAMA Token Soars on Biden Replacement Speculation
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development. The Kamala Harris-associated KAMA token experienced a significant surge in value, fueled by widespread conjecture that Vice President Kamala Harris could potentially replace President Biden as the Democratic Party’s nominee for the upcoming election.
The value of KAMA token surged by 135%, peaking at $0.02571 on July 21, 2024. Despite a recent dip, it still boasts a gain of 84% over the past day, with its current price being $0.01934.
According to the data from the decentralized predictions market Polymarket, the probability of Kamala Harris taking over from Biden stands at 85%. In contrast, Michelle Obama and Michigan Governor Gretchen Whitmer have much lower chances, with odds of only 5% and 3%, respectively.
Biden chose not to provide particular justifications but expressed that it was advantageous for his political party and the nation as a whole for him to withdraw from the presidential race. Although relinquishing his campaign, he remains committed to completing his current term and supports Kamala Harris as his successor.
“Harris was touched by Biden’s endorsement and aims to secure the nomination through hard work and victory,” is one possible way to paraphrase Harris’ statement.
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2024-07-22 15:49