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Speculation surrounding Joe Biden’s future in the 2024 presidential race has led to a surge in memecoins tied to potential successors like Kamala Harris. This stands in contrast to the volatile paths of Biden-inspired “Joe Boden” and “MAGA” coins.
As the United States gears up for election season, it’s clear that both campaigns are leveraging crypto funds and conversions more than ever before.
Political Speculation and Market Reactions
Recent reports suggest there is growing speculation about Biden contemplating his future in the 2024 race. This has driven traders on Polymarket to increase the odds of the Democrat dropping out to nearly 80%, up from 55% earlier in the week.
This sudden rise follows a week of volatility in Polymarket’s “Biden drops out of presidential race?” market, which has attracted nearly $10 million in bets. Prior to last week’s debate with Donald Trump, the odds were at a modest 20%.
The White House has denied all reports that Biden is considering dropping out.
Fluctuations in Memecoins
Memecoins associated with Joe Biden and Donald Trump have seen significant fluctuations in recent months. Reports concerning Biden’s health have caused a surge in memecoins for his potential successors.
Joe Boden (BODEN) coin has experienced a tumultuous six months. BODEN surged to nearly $0.80 in April before plummeting to a current price of $0.035, marking a decrease of over 95% from its all-time highs.
The MAGA (TRUMP) coin has faced similar volatility. It peaked at $17.37 in June but has since dropped to a current price of $5.35.
Memecoins for Biden’s Potential Successors
In the last 24 hours, memecoins inspired by political figures who could replace Joe Biden, such as “Kamala Coin” (inspired by Vice President Kamala Harris) and “Buttigieg Bucks” (inspired by Pete Buttigieg), have surged in market value.
Kamala Coin (KAMA) increased by over 110% in the past day.
According to CoinGecko data, another memecoin, “Gabin Noosum” (NOOSUM), has rallied 15% in the past 24 hours. Additionally, 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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