💥💥💥 Trump #Memecoins🤑🤑 Rise as Biden Bows Out of 2024 US Presidential Race
Meme coins inspired by former President #donaldtrump saw notable gains on Sunday following President Joe Biden's surprise decision to withdraw from the 2024 race.
The announcement led to a surge in interest for Trump-themed meme coins. Solana-based tokens such as Doland Tremp (Tremp) and #trumpcoin (DJT) jumped over 10.5% and 6.5%, respectively, shortly after Biden's statement on X.
Meanwhile, the Ethereum-based meme coin Maga Hat (MAGA) also saw an increase of more than 7%, according to CoinGecko data. Tremp and DJT reached their highest levels since the attempted assassination of Trump in Pennsylvania on July 13, with Tremp peaking at $0.54 and DJT hitting $0.008.
In a letter, Biden expressed his decision to step down: “It has been the greatest honor of my life to serve as your President. I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term.”
The announcement triggered a sharp decline for Jeo Boden (BODEN), a Solana-based meme coin inspired by Biden, which fell by as much as 58% to hit an all-time low as traders rushed to sell.
In response to Biden's endorsement of Vice President Kamala Harris as the Democratic nominee, the Solana-based meme coin Kamala Horris (KAMA) soared more than 100%, reaching a new all-time high above $0.02.
The unexpected decision ends weeks of speculation fueled by party leaders like Senate Majority Leader Chuck Schumer and former House Speaker Nancy Pelosi, who had raised concerns about Biden's health and age.
Despite the recent uptick in meme coin activity, FalconX's head of research, David Lawant, advises caution. He noted, “It is too early to definitively call for the return of an alt season. With significant drivers on the horizon for BTC and ETH, it might be wise to start considering other opportunities beyond the major coins.”
Source - decrypt.co
