The political landscape in the US has seen a significant development after President Joe Biden announced he was dropping out of the presidential rally. Following the news, the PolitiFi memecoin sector saw a major shift as Biden-themed tokens immediately plunged and Kamala Harris-inspired tokens soared.
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Crypto Community Celebrates Biden’s Candidature Withdrawal
The November elections have been a hot topic for the crypto industry. After years of a hostile and “overreaching” regulatory approach from the US government, politicians’ stance on cryptocurrencies has become a turning point for many voters.
On Sunday afternoon, US President Joe Biden announced he was stepping down as a Presidential Candidate for the upcoming elections. Biden detailed that he decided to focus on fulfilling his duties as president for the remainder of his term.
In another post, he endorsed vice-president Kamala Harris as the candidate for the Democratic party:
“Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats -It’s time to come together and beat Trump. Let’s do this.”
Following the announcement, industry figures like Artur Hayes and Justin Sun reacted online. The Tron founder replied to Biden’s X post, stating, “Goodbye Biden, crypto will last forever.”
Meanwhile, The BitMEX co-founder noted that Trump’s chances of winning would only increase if Harris is not the Democratic nominee. Hayes also said Trump will “smoke her like a Cuban” if she “actually becomes the nominee.”
The crypto community expressed mixed opinions, with some users sharing a bearish sentiment. Some believe that Trump’s chances of winning were clear against Biden but could significantly reduce depending on the Democratic nominee.
On the contrary, others seem to believe that Biden’s rejection of his nomination will be bullish for the crypto industry regardless of the nominee. Additionally, Polymarket reported that Republican candidate Donald Trump maintains a massive lead.
Per the prediction market website, Trump has a 65% chance of winning the presidential election in November, with nearly $40 million bet in his favor.
A Change In PolitiFi Memecoin Leadership
The PolitiFi memecoin sector saw a shakeout after the news. The price of Biden-inspired tokens started to drop immediately, with its leading token, Jeo Boden (BODEN), shredding nearly 60% of its price.
The memecoin went from trading at $0.025 to the $0.01 price range in half an hour. BODEN further plunged in the following hours, reaching the $0.0086 support zone. This performance represents a 65% and 73% decline in the last 24 hours and seven days.
The current price represents a 99.2% drop from its April all-time high (ATH) when it traded at $1.04. Additionally, the token saw a 66% market capitalization reduction since the announcement, going from $17.5 million to $5.99 million.
Nonetheless, Kamala Harris-inspired tokens surged in the last 24 hours. Kamala Horris (KAMA) was the largest gainer among PolitiFi tokens in the past day. KAMA went from hovering between the $0.011-$0.019 level to the $0.025 price range in two hours, soaring 150%.
The memecoin, launched in May, registers a 257% and 1,433% increase in the weekly and monthly timeframes. As of this writing, KAMA has retraced above the $0.015 mark, currently trading at $0.016.
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Trump-inspired tokens also saw a significant upswing after Biden’s dropout. MAGA (TRUMP) rose 12% after the news, momentarily reaching the $7.75 resistance level. Meanwhile, MAGA Hat (MAGA), Super Trump (STRUMP), and Donald Tremp (TREMP) rose 13%, 33%, and 25%, respectively.
Featured Image from Unsplash.com, Chart from TradingView.com
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