Biden Memecoins Are As Good As Dead
LUCKNOW (CoinChapter.com) – President Joe Biden announced his withdrawal from the 2024 US presidential race on Sunday, July 22. While the 81-year-old leader is very much alive and well, his decision has caused the apparent demise of Biden-themed memecoins.
Memecoins, a subset of cryptocurrencies often created as jokes or to capitalize on current events, had found a peculiar niche in the form of Biden-themed tokens. Popular examples included Jeo Boden (BODEN), Hunter Boden (HUNTBODEN), and Jill Boden (JILLBODEN). These digital assets have been named after President Biden and his family members.
The speculative nature of these tokens made them particularly vulnerable to political changes. Biden’s withdrawal from the race has exacerbated this volatility, leading to sharp declines in their values. Biden’s decision had a great impact on Biden-themed cryptocurrencies, causing fluctuations in their prices.
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Pump and Dump Show of Biden-Themed Crypto
Hunter Boden (HUNTBODEN) is currently trading at $0.0001231. While it showed a 22.1% increase in the last 24 hours, it remains down by 27.2% over the past week.
Hunter Boden price fell 27% immediately after withdrawal news. Source: Coingecko
The token’s price sharply declined around July 22, coinciding with Biden’s withdrawal announcement, followed by a slight recovery.
Another memecoin Jeo Boden (BODEN) is priced at $0.02313 and has experienced a 24.50% decline over the past week. However, it gained around 156.90% in the past 24 hours.
Jeo Boden fell over 24% in the last 7 days and then experienced 156% in the last 24 hours. Source: CoinMarketCap
The token’s price dropped significantly on July 22, followed by a partial recovery, mirroring the pattern seen in HUNTBODEN.
Jill Boden (JILLBODEN) is trading at a mere $0.00002118. Despite showing a surprising 62.4% spike in the last 24 hours, it remains down by 73.8% over the week. The token’s price plunged significantly on July 22, with only a slight uptick afterwards.
Jill Boden experienced significant Volatility on withdrawal news. Source: Coingecko
The coordinated drop across all three tokens suggests a widespread sell-off triggered by Biden’s announcement.
The fallout from Biden’s withdrawal isn’t limited to Biden-themed memecoins. Other political memecoins, such as those themed after Vice President Kamala Harris (KAMA) and former President Donald Trump (TREMP), have also experienced significant fluctuations. Interestingly, the Kamala Harris-themed KAMA token surged by 250% amid speculation about her candidacy.
Are Biden Memecoins Really As Good As Dead?
These pump and dump shows of Biden themed tokens indicate that these coins are as good as dead. First, they’ve lost their fundamental value. Biden-themed memecoins derived their perceived value from Biden’s political relevance. With his withdrawal from the race, they’ve lost their primary source of value and interest. Moreover, these tokens had no real-world use case beyond speculation. Without Biden in the race, even that speculative appeal has diminished significantly.
The sharp drops indicate a mass exodus of investors, making it unlikely for these coins to regain their former value or liquidity. The extreme volatility and apparent pump and dump schemes have likely eroded investor trust, making future “pumps” less effective and sustainable.
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