Meanwhile, meme coins related to Trump have soared. For instance, the Donald Trump (TRUMP) token saw an increase of more than 40% in its value.
The United States President Joe Biden has announced that he will not seek reelection in the upcoming 2024 Presidential Election. In a statement on Sunday, Biden cited the interests of both the party and the nation to come to this decision. He supported Vice President Kamala Harris as his preferred successor, offering his “full support and endorsement” for her candidacy.
This news has resulted in some fluctuations in the cryptocurrency market, particularly the memecoin sector. The memecoin Jeo Boden, which had garnered attention in recent months, experienced a drop of 56% in the last 24 hours. Conversely, tokens associated with other potential Democratic contenders have witnessed considerable gains. The meme coin Kamala Horris surged by 52%, while Gabin Noosum, another candidate-related token, jumped an impressive 115%.
Biden’s decision to withdraw from the race came amid mounting pressure from various quarters. In recent weeks, several current senators have called for him to step aside. Moreover, several reports suggest that former President Barack Obama also recommended the move. Now, Kamala Harris’s chances to win the 2024 election have risen to 26%. On the other hand, Biden’s rival Donald Trump’s odds remains relatively stable at around 63%.
Trump-Related Meme Coins Soar
Trump, who has become a favorite of the crypto community in recent times, responded to Biden’s withdrawal announcement. On Truth Social, Trump denounced Biden’s suitability for the presidency, stating:
“Crooked Joe Biden was not fit to run for President, and is certainly not fit to serve – And never was!”
Meanwhile, meme coins related to Trump have soared. For instance, the Donald Trump (TRUMP) token saw an increase of more than 40% in its value. The token has seen a growth of 1300% in the past year.
Similarly, the MAGA (TRUMP) token surged by more than 50% shortly after the news broke, with its trading volume increasing by over 250% in just one day. However, it is currently trading stably at $0.065.
Crypto Community Celebrates
Biden’s exit from November’s presidential elections has sent a wave of happiness among the crypto supporters. Biden’s administration had been criticized for its lack of a coherent regulatory framework and its implementation of stringent policies impacting crypto investors and companies. His withdrawal solidifies crypto-friendly Trump’s position in the election. Trump has recently become a vocal supporter of the industry and promised to bring crypto-friendly policies to Americans.
Following the announcement on Sunday, several prominent figures in the American crypto space have publicly celebrated by updating their profile pictures with laser eyes and the American flag. Among them are Tesla founder and billionaire Elon Musk and a16z co-founder Marc Andreessen.
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