Joe Biden Drops Out of Presidential Race, Biden-Linked Memecoins Plunge 60%

Highlights:

• Biden exits the 2024 presidential race and endorses Kamala Harris as a Democratic nominee.
• Trump criticizes Biden’s fitness and promotes a pro-crypto stance.
• Biden-linked memecoins plummet, while Kamala-linked coin hits a new all-time high.

United States President Joe Biden officially dropped out of the 2024 presidential election just four months before election day. In a July 21 statement, Biden didn’t provide reasons for stepping down, saying only that it was in the “best interest of my party and my country.”

pic.twitter.com/RMIRvlSOYw

— Joe Biden (@JoeBiden) July 21, 2024

Republican candidate Donald Trump responded to Biden’s announcement with a post on Truth Social, stating, “Crooked Joe Biden was not fit to run for President, and is certainly not fit to serve – And never was!” 

Trump had previously criticized Biden, implying that he has no understanding of cryptocurrency. He also condemned the Democrats, accusing them of being firmly against crypto. Trump has adopted a pro-crypto stance, showing support for the industry and promising to reduce hostility toward it in the US.

Biden Endorses VP Kamala Harris as Democrat Nominee

In a follow-up post on X, Biden offered his “full support and endorsement” for Vice President Kamala Harris as the Democratic Party’s nominee. On the prediction market Polymarket, Biden’s odds of winning the election have fallen below 1%. Kamala is at 29%, while Trump remains steady at around 64%.

My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best… pic.twitter.com/x8DnvuImJV

— Joe Biden (@JoeBiden) July 21, 2024

In a statement released following Biden’s announcement, VP Harris wrote:

“I am honored to have the President’s endorsement and my intention is to earn and win this nomination. I will do everything in my power to unite the Democratic Party – and unite our nation – to defeat Donald Trump and his extreme Project 2025 agenda.”

Former First Lady Michelle Obama and Michigan Governor Gretchen Whitmer trail behind with 5% and 4% odds, respectively. Kamala has not yet publicly stated her stance on cryptocurrency, leaving her potential policies on the industry uncertain.

BitMEX CEO Arthur Hayes previously suggested that replacing Biden with Kamala could lead to tougher competition for Trump. He believes this might lead to a gradual decline in the odds of the Republican nominee winning. However, many disagree with this perspective.

Biden-Linked Memecoins Drop 60%; Kamala Meme Coin Hits Record High

Memecoins linked to Biden, his son Hunter, and his wife Jill have fallen over 60% since Biden dropped out of the presidential race. Biden-linked Jeo Boden (BODEN) token dropped 62% in under two hours, losing nearly $6.4 million from its market cap, which was $16.18 million before the news broke, according to CoinMarketCap.

Memecoins tied with Biden’s family members, like Jill Boden (JILLBODEN) and Hunter Biden’s Laptop (LAPTOP), saw even sharper declines. JILLBODEN fell by 76.7%, while LAPTOP dropped by 59%, reducing their market caps to below $100,000. Meanwhile, Kamala Harris-linked Kamala Horris (KAMA) hit an all-time high of 2.4 cents in the minutes following Biden’s announcement. As of writing, it was trading at $0.018, reflecting a 70% increase in the last 24 hours.

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