A memecoin linked to President Biden, Jeo Boden (BODEN) has plunged 62% following Biden’s withdrawal from the 2024 presidential race, while Kamala Horris (KAMA) has surged amid speculation about Harris replacing him.
The Joe Biden-linked Jeo Boden (BODEN) token fell 62% in under two hours, losing nearly $10 million from its market cap, which stood at $16.18 million before the news broke, according to CoinMarketCap.
Memecoins tied to Biden’s family members, such as Jill Boden (JILLBODEN) and Hunter Biden’s Laptop (LAPTOP), experienced even steeper declines. JILLBODEN fell by 76.1%, and LAPTOP dropped by 62%, pushing their market caps below $100,000, as reported by CoinMarketCap.
In contrast, the KAMA token rose by 110% as analysts speculated Harris might become the new Democrat candidate. Although KAMA has since cooled off by 35% from its 24-hour high, Harris is now favored with 80% odds to replace Biden, according to Polymarket.
Former First Lady Michelle Obama and Michigan Governor Gretchen Whitmer are far behind with 5% and 4% odds, respectively. Harris has yet to publicly state her stance on cryptocurrency, leaving her potential policies on the industry uncertain.
Biden cited the “best interest” of his party and country for his withdrawal without providing specific reasons and plans to complete his current term as President. Meanwhile, the MAGA memecoin linked to Republican candidate Donald Trump has risen 7% since Biden’s exit.
This major shift in the political landscape has significantly impacted these politically-themed memecoins, reflecting the market’s reaction to the changing dynamics in the upcoming presidential race.
Also Read: Joe Biden Withdraws from 2024 Presidential Election
