The political landscape in the US saw a significant development after President Joe Biden announced that he was withdrawing from the presidential rally. Following this news, the PolitiFi memecoin sector saw a significant change as Biden-themed tokens immediately dropped while Kamala Harris-themed tokens surged.
Cryptocurrency community celebrates Biden’s withdrawal from candidacy
The November election was a balmy topic for the cryptocurrency industry. After years of hostility and “overkill” regulatory approaches from the U.S. government, politicians’ stance on cryptocurrencies became a turning point for many voters.
On Sunday afternoon, US President Joe Biden announced that he was withdrawing from running for president in the upcoming election. Biden detailed that he had decided to focus on fulfilling his duties as president for the rest of his term.
In another fastingendorsed Vice President Kamala Harris as the Democratic Party candidate:
“Today I want to offer my full support and endorsement for Kamala to be our party’s nominee this year. Democrats, it’s time to unite and defeat Trump. Let’s do this.”
Following the announcement, industry figures like Arthur Hayes and Justin Sun responded online. Tron founder he replied to Biden X’s post, stating: “Goodbye Biden, crypto will last forever.”
Meanwhile, the co-founder of BitMEX recorded that Trump’s chances of winning would only raise if Harris did not become the Democratic nominee. Hayes also said that Trump would “wipe her out like Cuban” if “she actually becomes the nominee.”
The cryptocurrency community expressed mixed opinions, with some users sharing bearish sentiment. Some believed Trump’s chances of winning against Biden were radiant but could decline significantly depending on the Democratic nominee.
On the contrary, others seem to believe that Biden’s rejection of the nomination would be beneficial for the cryptocurrency industry, regardless of the candidate. Additionally, Polymarket reported that Republican candidate Donald Trump maintains a huge lead.
According to a prediction market website, Trump has a 65% chance of winning the November presidential election, with nearly $40 million in bets in his favor.
PolitiFi Memecoin Leadership Change
The PolitiFi memecoin sector was shaken by the news. The price of Biden-inspired tokens immediately began to fall, with its leading token, Jeo Boden (BODEN), losing almost 60% of its price.
Memecoin went from $0.025 to the $0.01 price range in half an hour. BODEN continued to fall in the following hours, reaching the $0.0086 support zone. This result represents a decline of 65% and 73% in the last 24 hours and seven days.
The current price represents a 99.2% drop from April’s all-time high (ATH) of $1.04. Furthermore, since the announcement, the token’s market capitalization has fallen by 66%, from $17.5 million to $5.99 million.
Despite this, Kamala Harris-inspired tokens choppy in the last 24 hours. Kamala Horris (KAMA) was the biggest gainer among PolitiFi tokens over the past day. KAMA went from a range of $0.011-$0.019 to a price range of $0.025 in two hours, soaring 150%.
Memecoin, launched in May, is up 257% and 1433% on the weekly and monthly time frames. At the time of writing, KAMA has pulled back above the $0.015 level, currently trading at $0.016.
Trump-themed tokens also saw significant gains following Biden’s withdrawal. MAGA (TRUMP) surged 12% on the news, briefly hitting resistance at $7.75. Meanwhile, MAGA Hat (MAGA), Super Trump (STRUMP), and Donald Trump (TREMP) surged 13%, 33%, and 25%, respectively.
Featured image from Unsplash.com, chart from TradingView.com
