This Token Gained The Most After Biden’s Withdrawal From the 2024 US Presidential Race

On July 21, 2024, presidential meme coins saw significant volatility after Joe Biden announced his withdrawal from the 2024 presidential race.

This news had a noticeable impact on the value of various symbols associated with Biden and his family, while at the same time boosting those associated with potential Democratic alternatives.

Biden-linked currencies collapse after his withdrawal

Immediately after the announcement, the value of Joe Biden-linked Jeo Boden (BODEN) dropped by 60% in less than two hours. According to CoinGecko data, BODEN’s market cap dropped by about $10 million, falling from $16.2 million to $6.8 million.

The token hit an all-time low of $0.008279 on July 22, 2024, before recovering slightly to $0.009769, down 57.1% in the last 24 hours.

Tokens associated with members of the Biden family suffered even steeper losses. Jill Boden (JILLBODEN) token plunged 82.5% in the last 24 hours, trading at $0.00001298 after hitting an all-time low of $0.00001733 on July 22.

Hunter Boden (HUNTBODEN) also saw a notable decline, losing over 31%, and is trading at $0.0001006, just above its all-time low of $0.0001009 recorded on July 22.

Meanwhile, the value of the “Make America Great Again” (MAGA) coin associated with Republican nominee Donald Trump has fallen by 6.3% since Biden dropped out of the race.

KAMA Token Price Soars Amid Biden Replacement Speculation

In comparison, the Kamala Harris-related token, Kamala Harris (KAMA), has surged amid speculation that the current vice president will replace Biden as the Democratic nominee.

The KAMA token surged 135% in value, hitting an all-time high of $0.02571 on July 21, 2024. Although the token has calmed down since then, it is still up 84% in the last 24 hours, trading at $0.01934.

Data Polly Market’s decentralized forecasts give Biden an 85% chance of being replaced by Harris. Other potential Democratic candidates, such as former first lady Michelle Obama and Michigan Gov. Gretchen Whitmer, are far behind with odds of 5% and 3%, respectively.

Biden gave no specific reasons for his withdrawal but said it was in the “best interest” of his party and the country. Despite stepping down from the race, he intends to finish out his current term and has endorsed Kamala Harris as his replacement.

“I am honored to receive the President’s endorsement, and my intention is to earn and win this nomination,” Harris said in a statement following Biden’s announcement.