After waking up, it is time to witness the history of American politics again. On July 21 , US time, US President Biden issued a statement announcing his withdrawal from the 2024 presidential election. Biden's sudden withdrawal also caused waves in the cryptocurrency market.
The cryptocurrency industry is a hot topic in this year's US presidential election. On July 22 , the market showed that the price of BTC has rebounded to over $ 68,000 .
Biden posted a letter on his personal social media that day, saying that he had intended to seek re-election, but for the best interests of the Democratic Party and the United States, he decided to withdraw from the presidential race and focus on completing his presidential duties during his term. After announcing his withdrawal, Biden said he would fully support and recognize US Vice President Harris for the nomination of the Democratic presidential candidate. It is worth mentioning that Harris has never taken an official position on cryptocurrency or commented on the industry before.
By withdrawing from the re-election campaign, Biden paved the way for Vice President Harris to run for president, who will become the first black woman to run for president in U.S. history. After Biden announced that he would withdraw from the election and support Vice President Harris's campaign, the crypto market responded quickly, with Memecoins related to Biden plummeting, while Memecoins related to Vice President Harris rose sharply.
The price of Kamala Horris ( KAMA ) , a Harris-themed meme coin, has exceeded $ 0.02 and is now at $ 0.02111 , up 92% in the past 24 hours. Its market value has also exceeded $ 20 million, reaching $ 20,563,462 , and its trading volume in the past 24 hours has reached $ 18,230,232 . At the same time, the meme token Jeo Boden (BODEN) fell sharply by nearly 60% after Biden announced his withdrawal from the election, and fell by 90% in one month.
Biden-related meme tokens plummeted 60%
Memecoin associated with US President Biden, his wife Jill and son Hunter has fallen by more than 60% after Biden announced his official withdrawal from the 2024 presidential election.
On July 22 , according to coingecko market data, the Biden-related Jeo Boden (BODEN) token plummeted 62% in less than two hours and is currently quoted at $ 0.00939 . Data shows that BODEN 's market value has evaporated by nearly $ 10 billion, while before the news broke, the market value was $ 16.2 billion.
In addition, Memecoins related to the Biden family were also hit hard. Among them, Jill Boden Token (JILLBODEN) plummeted 68.5% , and Hunter Biden 's Laptop (LAPTOP) fell 62%. Currently, the market value of JILLBODEN and LAPTOP has fallen below $ 100,000 .
Harris-Related Meme Token KAMA Rises to New High
At the same time, the meme token KAMA associated with Kamala Harris rose as much as 133% in 24 hours, breaking through $ 0.0257 to set a new all-time high. Currently, KAMA has risen by 84.7% and is now quoted at $ 0.01981 .
Additionally, according to decentralized prediction market Polymarket , although KAMA has retreated 35% since its 24 -hour high, Harris now has an 80% chance of replacing Biden.
Former U.S. First Lady Michelle Obama and Michigan Governor Gretchen Whitmer ranked well below 5% and 4%, respectively. It is unclear how much support Harris has for the cryptocurrency industry, as she has never publicly expressed her support or opposition.
Biden did not give a specific reason for his withdrawal, only claiming that it was in the "best interests" of his party and the country. However, the current US President intends to complete his current term.
MAGA, the "Make America Great Again" meme coin associated with Republican candidate Donald Trump, has risen 7% since Biden announced his withdrawal.
Biden's resignation provides new opportunities for the Democratic Party to embrace cryptocurrency
Eleanor Terrett , a Forbes reporter, wrote on X Platform that the crypto policy group CEDAR Innovation Foundation said President Biden’s decision to step down provides new opportunities for the Democratic Party’s top brass to embrace cryptocurrency and blockchain technology. The foundation noted: “ While Secretary Gensler and Senator Warren may have misled White House policy in the past, now is the time to propose a new vision for American innovation that will ensure that innovative jobs stay in the United States, enhance the global competitiveness of digital assets, and herald a new era of financial inclusion and prosperity. ”
Biden's withdrawal has brought new variables to the US political arena and new opportunities to the cryptocurrency industry. As the possibility of Harris becoming the Democratic presidential candidate increases, the market will continue to pay attention to her attitude and policy direction towards the cryptocurrency industry.
