Memecoins associated with Joe, Jill, and Hunter Biden have experienced a significant drop of over 60%, while a memecoin linked to US Vice President Kamala Harris surged by 133% before stabilizing.
Memecoins associated with Joe, Jill, and Hunter Biden have experienced a significant drop of over 60%, while a memecoin linked to US Vice President Kamala Harris surged by 133% before stabilizing. Following Joe Biden’s official withdrawal from the 2024 presidential race, these family-linked memecoins have seen a sharp decline.
The Joe Biden-associated Jeo Boden (BODEN) token plunged 62% within a span of two hours, whereas the Kamala Horris (KAMA) token spiked amid speculation that Vice President Kamala Harris might step in as the Democratic candidate.
Data from CoinGecko reveals that BODEN’s market cap, which was at $16.2 billion prior to the announcement, has lost nearly $10 billion. The impact on memecoins tied to Biden’s family members was even more severe. The Jill Boden token (JILLBODEN) dropped by 68.5%, and Hunter Biden’s Laptop (LAPTOP) fell by 62%, according to CoinMarketCap.
Both JILLBODEN and LAPTOP’s market caps have now fallen below $100,000.
Kamala Harris-Linked Memecoin Surges
In contrast, the Kamala Harris-linked Kamala Horris (KAMA) memecoin jumped 133%, as speculations rise about Harris being the potential replacement for Biden as the Democratic candidate.
Despite KAMA cooling off by 35% from its 24-hour high, Harris now holds 80% odds to replace Biden, according to decentralized predictions market Polymarket. Other potential candidates, including former US First Lady Michelle Obama and Michigan Governor Gretchen Whitmer, are trailing with much lower odds of 5% and 4%, respectively. Harris’s stance on the cryptocurrency industry remains unclear, as she has not publicly expressed an opinion.
Biden has not specified his reasons for withdrawing, stating only that it was in the “best interest” of his party and the country.
Despite his withdrawal, Biden intends to complete his current term as President.
Meanwhile, the Make America Great Again-themed memecoin MAGA, linked to Republican candidate Donald Trump, has risen by 7% following Biden’s announcement.
