The political landscape in the United States has seen a major development after President Joe Biden announced his withdrawal from the presidential campaign. Following this news, the PolitiFi memecoin sector saw a major shift as Biden-themed tokens immediately dropped and Kamala Harris-inspired tokens surged.
Crypto Community Celebrates Biden’s Withdrawal From Candidacy
The November election was a hot topic for the cryptocurrency industry. After years of “overly aggressive” regulatory approaches from the US government, politicians’ stance on cryptocurrencies has become a turning point for many voters.
US President Joe Biden announced on Sunday afternoon that he is withdrawing from running for president in the upcoming elections. Biden explained that he has decided to focus on performing his duties as president during the remainder of his term.
In another post, he endorsed Vice President Kamala Harris as the Democratic Party’s nominee:
“Today, I want to express my full support and endorsement of Kamala to be our party’s nominee this year. Democrats — it’s time to come together and defeat Trump. Let’s do it.”
Following the announcement, industry figures such as Arthur Hayes and Justin Sun reacted online. The Tron founder responded to Biden’s post on X, saying: “Goodbye Biden, crypto will last forever.”
Meanwhile, the BitMEX co-founder noted that Trump’s chances of winning would only increase if Harris were not the Democratic nominee. Hayes also said that Trump would “smoke her like a Cuban” if she “actually became the nominee.”
The crypto community expressed mixed opinions, with some users expressing pessimistic sentiments. Some believed that Trump’s chances of winning were clear against Biden but could be significantly reduced depending on the Democratic nominee.
Conversely, others seem to believe that Biden’s rejection of his candidacy would be positive for the crypto industry regardless of who wins. Additionally, Bull Market reports that Republican nominee Donald Trump maintains a significant lead.
According to the prediction market website, Trump has a 65% chance of winning the presidential election in November, with a $40 million bet in his favor.
Change in PolitiFi Memecoin Leadership
The PolitiFi memecoin sector took a hit after the news. The price of the Biden-inspired token immediately began to fall, with its leading token, Jeo Boden (BODEN), losing nearly 60% of its price.
The price of memecoin dropped from $0.025 to the $0.01 price range in half an hour. BODEN dropped further in the following hours, reaching the $0.0086 support area. This represents a 65% and 73% decline in the last 24 hours and 7 days.
The current price represents a 99.2% drop from its all-time high (ATH) in April when it traded at $1.04. Additionally, the token has seen its market cap drop by 66% since the announcement, falling from $17.5 million to $5.99 million.
However, Kamala Harris-inspired tokens have surged in value in the past 24 hours. Kamala Horris (KAMA) was the biggest gainer among PolitiFi tokens over the past day. Kamala went from a range of $0.011 to $0.019 to a price range of $0.025 in two hours, surging 150%.
Launched in May, memecoin has seen a 257% and 1,433% increase on the weekly and monthly timeframes. As of this writing, KAMA has fallen back above the $0.015 level and is currently trading at $0.016.
Trump-inspired tokens also saw a huge surge following Biden’s withdrawal. MAGA (TRUMP) surged 12% on the news, temporarily hitting the $7.75 resistance level. Meanwhile, MAGA Hat (MAGA), Super Trump (STRUMP), and Donald Tremp (TREMP) surged 13%, 33%, and 25%, respectively.
Featured image from Unsplash.com, chart from TradingView.com