This testimony peaked after Biden withdrew from the 2024 US presidential race

On July 21, 2024, presidential meme coins experienced substantial volatility following Joe Biden’s announcement that he would withdraw from the 2024 presidential race.

That news had a noticeable impact on the value of several listings linked to Biden and his family while boosting those associated with potential Democratic replacements.

Biden-linked listings crash after his withdrawal

Immediately after the announcement, the Joe Biden-linked token Jeo Boden (BODEN) fell 60% in less than two hours. According to data from CoinGecko, BODEN’s market capitalization decreased by almost $10 million, 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.

Listings linked to members of the Biden family suffered even more severe losses. The Jill Boden token (JILLBODEN) is down 82.5% in the last 24 hours, trading at $0.00001298 after hitting an all-time low of $0.00001733 on July 22nd.

The Hunter Boden token (HUNTBODEN) also experienced 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 (MAGA) themed meme coin linked to Republican candidate Donald Trump has declined 6.3% since Biden’s exit from the race.

KAMA token soars on Biden replacement speculation

By comparison, the Kamala Harris-linked token (KAMA) soared amid speculation that the current vice president would replace Biden as the Democratic nominee.

The KAMA token rose 135% and reached an all-time high of $0.02571 on July 21, 2024. Although the token has cooled since then, it remains up 84% in the last 24 hours , trading at $0.01934.

Data from the decentralized prediction market Polymarket shows that the odds of Kamala Harris replacing Biden are 85%. Other potential Democratic candidates, including former first lady Michelle Obama and Michigan Gov. Gretchen Whitmer, trail far behind at 5 percent and 3 percent, respectively.

Biden did not cite specific reasons for his withdrawal, but said it was in the “best interest” of his party and the country. Despite giving up the race, he intends to finish out his current term and has endorsed Kamala Harris as his replacement.

“I am honored to have the president’s endorsement, and it is my intention to win and win this nomination,” Harris said in a statement after Biden’s announcement.

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