The 2024 United States Presidential election has ignited a surge of memecoins associated with candidates from both sides of the political spectrum.
Crypto enthusiasts have been quick to follow the memecoin race, which features notable figures such as former Democratic nominees Joe Biden and Kamala Harris, Republican nominee Donald Trump, and even his iconic red "Make America Great Again" (MAGA) hat.
Let’s take a look at some of the trending coins and how they’ve been faring in light of the latest election news.
Runs in the family
The sitting US president Joe Biden, has a whole host of memecoins not only related to him, but members of his family as well.
On July 21, Biden's announcement that he was stepping down as the Democratic party nominee and withdrawing from the 2024 election sent the memecoin ecosystem associated with his persona into a frenzy.
Reports revealed that the news liquidated nearly $67 million of leveraged long positions from the crypto market within half an hour of the announcement, along with a small dip in the price of Bitcoin (BTC).
Additional reports revealed that Joe Biden-related coins have dropped at least 60% in value in light of the news.
The Joe Biden-inspired memecoin Jeo Boden (BODEN) fell by 62% within the first two hours after the announcement of his stepping down.
pic.twitter.com/KVNP8DIn4J
— rekt 熊 (@rekt_tekashi) July 21, 2024
CoinMarketCap shows that Hunter Biden’s Laptop (LAPTOP) is down nearly 45% from the previous day and the Jill Boden token (JILLBODEN) is down by 82.54%, at the time of writing.
Related: Gary Gensler will likely resign in 2025 after Biden exit — 10x Research
Madam Vice President
While Biden-related tokens have been tanking, those related to the Vice President, Kamala Harris, have seen the opposite reaction to the news.
The Kamala Horris (KAMA) token surged dramatically due to speculation that Harris might replace Biden as the new Democratic nominee.
At the time of writing KAMA is up 62% compared to the previous day prior to the news, according to DEXScreener.
While not contenders for the current election season, other Democratic personalities have their own tokens including, Obama’s OBEMA, the governor of the state of Michigan GRETCH, and California governor Gavin Newsom NOOSUM.
MAGA, TREMP, TRUMP
Of course, the political memecoin arena wouldn’t be complete without the slew of tokens related to Trump. MAGA (TRUMP), is the leading Trump-themed memecoin in terms of market capitalization.
TRUMP has been fluctuating in relation to many recent events, particularly massive gains following the assassination attempt on the former US president on July 13. Market speculators are anticipating movement tied to Trump’s appearance at the upcoming Bitcoin Conference in Nashville, Tennessee on July 27.
Another Trump-related token representing the iconic Trump MAGA hat, appropriately titled TRUMP’S HAT (MAGA) and in similar style to the (BODEN) token, there is also the Doland Tremp memecoin (TREMP).
Both tokens saw small price hikes at the announcement of Biden’s resignation from the election race, according to data from CoinMarketCap.
BIDEN JUST DROPPED OUT OF ELECTIONS
The #MAGA movement is now stronger than ever! ❤️
Pack your bags frens! $MAGA pic.twitter.com/gNEMA1PoNJ
— MAGA Crypto (@MagaHAT_ETH) July 21, 2024
While Biden’s announcement did “shock” the market, some analysts speculate that his withdrawal could benefit the overall crypto market.
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