Because of speculation over Joe Biden’s future in the 2024 presidential race, memecoins tied to potential successors like Kamala Harris have surged, which contrasts with volatile trajectories of Biden-inspired “Joe Boden” and “MAGA” coins.
As the United States enters election season, it’s becoming evident that both campaigns are using crypto funds and conversions much more than in previous years.
According to recent reports, there is speculation about Biden considering his future in the 2024 race, causing traders on Polymarket to raise the odds of the Democrat dropping out to nearly 80% on Wednesday, up from 55% earlier.
This sudden increase follows a week of volatility in Polymarket’s “Biden drops out of presidential race?” market, which has attracted nearly $10 million in bets. Before last week’s debate with Donald Trump, the odds of the same question were at 20%.
The White House denied all reports that Biden is considering dropping out.
Memecoins
Memecoins associated with Joe Biden and Donald Trump have experienced significant fluctuations in recent months. But these recent reports on Biden’s health have caused a surge in memecoins for his potential successors.
Joe Boden (BODEN) coin has had quite a rocky six months. BODEN surged to nearly $0.80 in April before tanking to a current price of $.035. That’s an over 95% decrease in value from all-time highs.
The MAGA (TRUMP) coin has experienced similar volatility. It hit an all-time high of $17.37 in June before dropping to a current price of $5.35.
Biden’s replacement memecoins
In the last 24 hours, memecoins inspired by political figures who could replace Joe Biden, like “Kamala Coin” (inspired by Vice President Kamala Harris) and “Buttigieg Bucks” (inspired by Pete Buttigieg), have surged in their market value.
Kamala Coin (KAMA) increased by over 110% last day.
According to CoinGecko data, another memecoin, “Gabin Noosum” (NOOSUM), has rallied 15% in the past 24 hours and a coin inspired by independent presidential candidate Robert F. Kennedy Jr., the misspelled “Ruburt F Kenidy Jr” ( KENIDY), has gained 10% in the same period.
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