Meme Coin Market Rattled as Biden’s Decision Triggers 68% Plummet in BODEN
President Joe Biden’s recent announcement that he will not seek re-election in 2024 had a significant impact on the cryptocurrency market, particularly on meme coins. These coins are known for their volatility and are often linked to public figures or current events.
Following Biden’s announcement, the value of the meme coin associated with him, BODEN, dropped by 68%, from $0.02544 to $0.00827. This decline reflected the uncertainty surrounding Biden’s political future, leading to a loss of investor confidence in meme coins tied to his identity.
Conversely, meme coins tied to other political figures experienced significant increases in value. Coins associated with Vice President Kamala Harris and potential candidate Gabin Noosum surged by 52% and 115%, respectively, suggesting that investors are shifting their support to other potential candidates.
Furthermore, meme coins associated with former President Donald Trump also saw an increase in value, with a 24% rise observed in the coin tied to Trump.
The prediction market, Polymarket, also saw shifts in probabilities. Biden’s chances of winning the 2024 election plummeted to below 1%, while Kamala Harris’s odds rose to 26% and Donald Trump’s remained stable at 63%.
Kamala Announcement Surge her Memecoins
The announcement of Kamala Harris as a potential candidate led to significant gains in meme coins associated with her, with increases of 87%, 84%, and 188% observed in KAMA, KAMALA, and HARRIS tokens, respectively.
However, not all meme coins saw gains. Some experienced significant losses, with BIDEN dropping by 75% and BODEN decreasing by 60%. Additionally, the market witnessed an increase in fraudulent meme coins related to both Biden and Harris, resulting in substantial financial losses for investors.
Final Thought
President Biden’s decision has undoubtedly impacted the political and economic landscapes, particularly in meme coin valuations. Future political developments are likely to lead to further fluctuations in the cryptocurrency market, presenting both opportunities and risks for investors.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
