Biden memecoin plummets 60% after Biden withdraws from presidential race

Author: Brayden Lindrea, CoinTelegraph; Translated by: Deng Tong, Golden Finance

Memecoin, which is associated with U.S. President Joe Biden, his wife Jill and son Hunter, has fallen more than 60% since Biden officially dropped out of the 2024 presidential race.

The Jeo Boden (BODEN) token associated with Joe Biden plunged 62% in less than two hours, while the Kamala Hollis (KAMA) token surged amid speculation that US Vice President Kamala Harris will replace Biden as the Democratic nominee.

CoinGecko data shows that BODEN's market value has evaporated by nearly $10 billion, while before the news broke, the market value was $16.2 billion.

BODEN price change over the past 24 hours. Source: Coingecko

Data from CoinGecko showed that memecoins associated with Joe Biden’s family were hit harder, including Jill Boden Token (JILLBODEN), which plunged 68.5% on the news, and Hunter Biden’s Laptop (LAPTOP), which fell 62%, according to CoinMarketCap.

The market caps of both JILLBODEN and LAPTOP fell below $100,000.

Kamala Harris-related Memecoin surges

Meanwhile, the Kamala Harris-related Kamala Harris (KAMA) memecoin has gained 133% as experts believe the US vice president is a likely candidate for Biden’s Democratic Party.

Although KAMA has retreated 35% since its 24-hour high, Harris now has an 80% chance of replacing Biden, according to decentralized prediction market Polymarket.

KAMA price change over the past 24 hours. Source: CoinGecko

Former first lady Michelle Obama and Michigan Gov. Gretchen Whitmer are ranked well below 5% and 4%, respectively.

It’s unclear how much support Harris has for the cryptocurrency industry — he has never publicly voiced his support or opposition.

Biden did not give a reason for his withdrawal — instead, he claimed it was in the "best interest" of his party and the country.

However, the current US President intends to complete his current term.

MAGA, the “Make America Great Again”-themed meme coin associated with Republican candidate Donald Trump, has risen 7% since Biden announced his withdrawal.