On July 21, 2024, presidential meme coins experienced substantial volatility following Joe Biden’s announcement that he would be withdrawing from the 2024 presidential race.
This news had a notable impact on the value of various tokens linked to Biden and his family while simultaneously boosting those associated with potential Democratic replacements.
Biden-Linked Tokens Crash Following His Withdrawal
Immediately after the announcement, the Joe Biden-linked Jeo Boden (BODEN) token plummeted by 60% in less than two hours. According to CoinGecko data, BODEN’s market cap shrank by nearly $10 million, dropping from $16.2 million to $6.8 million.
The token hit an all-time low of $0.008279 on July 22, 2024, before slightly recovering to $0.009769, down 57.1% in the last 24 hours.
Tokens linked to Biden’s family members suffered even more severe losses. The Jill Boden (JILLBODEN) token tanked by 82.5% in the last 24 hours, trading at $0.00001298 after hitting an all-time low of $0.00001733 on July 22.
The Hunter Boden (HUNTBODEN) token also saw a notable decline, losing over 31%, and is trading at $0.0001006, barely above its all-time low of $0.0001009 recorded on July 22.
Meanwhile, the Make America Great Again-themed meme coin (MAGA) linked to Republican candidate Donald Trump has decreased by 6.3% since Biden’s exit from the race.
KAMA Token Soars on Biden Replacement Speculation
In comparison, the Kamala Harris-linked Kamala Horris (KAMA) token soared amid speculation that the current Vice President would replace Biden as the Democratic candidate.
The KAMA token increased by 135%, reaching an all-time high of $0.02571 on July 21, 2024. Although the token has since cooled off, it remains up by 84% in the last 24 hours, trading at $0.01934.
Data from the decentralized predictions market Polymarket shows that the odds of Kamala Harris replacing Biden are at 85%. Other potential Democratic candidates, such as former First Lady Michelle Obama and Michigan Governor Gretchen Whitmer, trail far behind with odds of 5% and 3%, respectively.
Biden did not cite specific reasons for his withdrawal but stated that it was in the “best interest” of his party and the country. Despite stepping down from the race, he intends to finish his current term and has endorsed Kamala Harris as his replacement.
“I am honored to have the President’s endorsement, and my intention is to earn and win this nomination,” Harris said in a statement following Biden’s announcement.