Biden announced his withdrawal from the election, and the market reacted strongly
Early this morning, "Sleepy Joe" Biden announced his withdrawal from the race, but he did not specify whether he was withdrawing from the entire election or just the nomination. The difference is that withdrawing from the nomination can still be nominated again, while withdrawing from the general election means withdrawing from the race completely. In Biden's Twitter statement, he said: "It has been the greatest honor of my life to serve as your president. While I have always intended to seek re-election, I believe that in the best interests of my party and country, I should withdraw from the race and focus on performing my presidential duties for the remainder of my term."
Recently, Biden has shown obvious signs of aging, and even confirmed the claim of Alzheimer's disease. According to Reuters, Biden planned to continue running for re-election on Saturday night, but suddenly changed his mind on Sunday afternoon and announced his decision to withdraw from the election through social platforms a few minutes later.
A well-known commentator believes that this is an unprecedented shameful scene in American history: incumbent presidents are collectively driven out of office because of Alzheimer's disease. So, how has he performed his duties in the past four years? Does this prove the existence of the legendary Washington swamp and deep government? Is Biden really a puppet? Now the mastermind behind the scenes is going to support another puppet (Vice President Harris)?
The power that controls the president most likely comes from big financial giants who support the Democratic Party. They are also the force that has long suppressed the development of the crypto industry in the United States.
For the cryptocurrency market, Biden's withdrawal from the race means that the Democratic Party's election situation is in jeopardy, which may be the result that cryptocurrency investors want to see. This means that a Trump administration that (currently seems to be) supportive of cryptocurrency may take office in the White House.
After Biden announced his withdrawal from the 2024 presidential election, the market did not react for a while, and the risk aversion sentiment caused Bitcoin to fall to $65,764. However, investors soon believed that Trump, who was friendly to cryptocurrencies, had a higher chance of being elected, and the price of the currency quickly rebounded and climbed. At nearly nine o'clock this morning, BTC reached a high of $68,482, setting a record high in 40 days.
News of Biden's withdrawal from the election caused shocks in the Meme coin market
Kamala Harris Token (KAMA) Price Doubles Again
Meanwhile, the meme coin associated with the current US Vice President Kamala Harris #KAMA rose 133% in a few hours. The rise is widely believed to be due to Harris's potential as an alternative to Biden and a possible Democratic presidential candidate. As of press time, KAMA has fallen 24.3% from its 24-hour high, but it is still up an astonishing 80.6% on the day.
In a poll conducted by prediction market Polymarket, Harris is favored as Biden's replacement candidate with an 84% chance. In contrast, the support rates of former US First Lady Michelle Obama and Hillary Clinton are as low as 7% and 2%, respectively.
As Harris's support for her candidacy grows, Trump's chances of winning the US election have dropped to 64%, while Harris's chances of winning have risen to 30% from 23% two days ago.
BODEN coin market value evaporates by more than 10 million US dollars
US President Joe Biden announced in the early hours of the 22nd Taiwan time that he would withdraw from the 2024 US presidential election. As soon as the news came out, the politically related Meme coin market immediately experienced a violent shock. This type of "political Meme coin" related to presidential candidates often rises and falls with the market's predictions of the election results, and is considered a "presidential election gamble". Many experts believe that it can better reflect the true sentiment of voters than polls or commentators.
According to CoinGecko data, Biden's Jeo Boden (#boden ) token plummeted 62% in less than two hours after announcing his withdrawal from the race, and the price of the coin has fallen 91% over the past month. The market value of BODEN coin has evaporated by more than 10 million US dollars.
Meme coins related to other members of the Biden family also suffered a greater blow. The Jill Boden (JILLBODEN) token associated with US First Lady Jill Biden plummeted 68.5% after the news broke; the LAPTOP token of Biden's second son Hunter Biden fell 62%. While announcing his withdrawal from the election, Biden said he would fully support Kamala Harris to take over as the Democratic candidate. The news boosted the Kamala Horris (KAMA) coin associated with her, causing it to rise 133% in 24 hours, and its market value once soared to nearly 4 times the market value of Biden's BODEN coin.
One User Lost $2 Million on Polymarket
However, the news of Biden's withdrawal from the race brought cruel consequences. A Polymarket user who was extremely bullish on Biden ended up losing nearly $2 million. It is reported that the trader named "AnonBidenBull" bet on the platform that Biden would win the Democratic presidential nomination, the national popular vote, and the 2024 US election. With Biden's withdrawal from the race, the value of these three positions is close to zero, with a loss of $1.991 million.
Dark Meme Coin $DMAGA Selected by Musk
It is worth mentioning that Tesla CEO Musk later changed his profile picture to a "laser eye" version. The "laser eye" meme is part of the cryptocurrency culture, and famous Bitcoin supporters such as MicroStrategy founder Michael Saylor and Salvadoran President Nayib Bukele have also used it. However, Musk's change of profile picture this time is mainly related to the US presidential election issues, not Bitcoin.
$DMAGA surged more than 155 times
According to Dexscreener data, #DMAGA has soared from a low of $0.0005325 to a high of $0.08333 since yesterday, a surge of more than 15,548%. At the time of writing, the price was temporarily reported at $0.06979, with a trading volume exceeding $42.5 million. The increase in the past 24 hours was as high as 10,058%, making it one of the meme coins with the largest increase today.
In comparison, other meme coins related to concepts such as Dark Musk and Dark Elon have seen smaller increases, such as $DARKELON, which has increased by about 1,633% in the past 24 hours, and $LASER, which has increased by about 1,452%.
Xiao Miao is here to share another meme coin: BOMB
This MEME coin has not had much marketing promotion yet, but it has been launched on major platforms such as bitget, mexc, gate, etc.! The short-term trend is strong, showing the strength of the project. Although it is impossible to determine whether there is really a strong dealer who wants to pull the market, in line with the principle of "better to kill by mistake than to let go" in playing meme, Xiao Miao thinks you can buy some and try it out~ It is not impossible to play a short-term game
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
