Memecoins associated with U.S. President Joe Biden, First Lady Jill Biden, and their son Hunter have experienced a dramatic decline of more than 60% following Biden’s official withdrawal from the 2024 presidential race.
The Jeo Boden (BODEN) token, which is linked to Joe Biden, saw a sharp drop of 62% within a span of less than two hours after the announcement. This significant decline reflects the immediate market reaction to Biden’s exit. In contrast, the Kamala Horris (KAMA) token has surged in value amid growing speculation that Vice President Kamala Harris might step in as the Democratic candidate for the presidency.
According to data from CoinGecko, the market capitalization of the BODEN token has been severely impacted, with nearly $10 billion being wiped out. Before the news of Biden’s withdrawal, BODEN’s market cap was approximately $16.2 billion. This stark reduction highlights the volatility and rapid shifts in the memecoin market in response to political developments.
CoinGecko data reveals that memecoins associated with Joe Biden’s family members have been hit particularly hard. The Jill Boden token (JILLBODEN) plummeted 68.5% following the news, while Hunter Biden’s Laptop (LAPTOP) dropped 62%, according to CoinMarketCap.
Both JILLBODEN and LAPTOP have seen their market caps fall below $100,000.
Kamala Harris-Linked Memecoin Surges Amid Speculation
Meanwhile, the Kamala Horris (KAMA) memecoin, linked to Kamala Harris, surged by 133% as analysts suggest the U.S. Vice President could be the leading candidate to replace Biden as the Democratic nominee.
Although KAMA has since cooled off by 35% from its 24-hour peak, predictions on the decentralized market Polymarket now give Harris an 80% chance of replacing Biden, according to bettors.
Former U.S. First Lady Michelle Obama and Michigan Governor Gretchen Whitmer are significantly trailing, with odds below 5% and 4%, respectively.
It remains unclear how supportive Kamala Harris would be of the cryptocurrency industry, as she has never publicly expressed her views on the matter.
President Biden did not specify his reasons for withdrawing from the 2024 race, only stating that it was in the “best interest” of his party and country. He has, however, confirmed his intention to complete his current term.
In response to Biden’s exit, the Make America Great Again (MAGA) memecoin, which is linked to Republican candidate Donald Trump, has risen by 7%.