PolitiFi Memecoin big dump: After Biden withdrew, BODEN big dump 55%, while KAMA soared 150%
After President Joe Biden announced his withdrawal from the presidential race, there was a major change in the U.S. political situation. Following this news, a major transformation occurred in the PolitiFi memecoin zone, with the Biden-themed Token experiencing a big dump, while the Kamala Harris-themed Token soared.
Elections in November have always been a hot topic in the cryptocurrency industry. After years of hostile and "excessive" regulatory approaches by the US government, politicians' stance on cryptocurrency has become a turning point for many voters.
On Sunday afternoon, US President Joe Biden announced that he would resign as a presidential candidate for the upcoming election. Biden explained in detail that he has decided to focus on fulfilling his presidential duties for the remainder of his term.
In another post, he expressed support for Vice President Kamala Harris as the Democratic candidate: 'Today, I am fully behind Kamala becoming our Democratic nominee this year. Democrats, it's time to come together and defeat Trump. Let's work together.'
After the announcement, industry leaders such as Artur Hayes and Justin Sun responded online. The founder of Tron replied to Biden's X post, saying, "Goodbye, Biden, Cryptocurrency will always exist."
At the same time, if Harris were not the Democratic candidate, Trump's chances of winning would only increase. Hayes also said that if she "really became a candidate," Trump would "smoke her like a Cuban."
The Cryptocurrency community has different opinions on this, with some users holding a pessimistic attitude. Some people believe that Trump's chances of winning in the confrontation with Biden are obvious, but the Democratic candidate's chances of winning may drop significantly.
On the contrary, others seem to believe that regardless of who the nominee is, Biden's refusal to nominate will be beneficial to the Cryptocurrency industry. In addition, it is reported that Republican candidate Donald Trump maintains a huge lead.
According to the data from the prediction market website, the possibility of Trump winning the presidential election in November is 65%, with bets close to $40 million.
After the news came out, the PolitiFi memecoin zone fluctuated. The price of Biden incentive Token immediately began to fall, and the price of its leading Token Jeo Boden (BODEN) dropped by nearly 60%.
Within half an hour, memecoin pumped from a trading price of $0.025 to $0.01. BODEN further fell in the next few hours, falling to the support area of $0.0086. This performance has fallen 65% and 73% in the past 24 hours and 7 days, respectively.
The current price has fallen by 99.2% from the historical all-time high (ATH) of $1.04 in April. In addition, the Token's Market Cap has shrunk by 66% since the announcement, falling from $17.5 million to $5.99 million.
Nevertheless, the Token inspired by Kamala Harris soared in the past 24 hours. Kamala Harris (KAMA) is the token with the largest increase in PolitiFi Token in the past day. KAMA hovered between 0.011 US dollars and 0.019 US dollars within two hours, with an increase of 150%.
The memecoin launched in May pumped 257% and 1,433% on the weekly and monthly timeframes, respectively. KAMA has retraced above $0.015, and the current trading price is $0.016.
Tokens inspired by Trump also saw a significant pump after Biden's withdrawal. MAGA (TRUMP) pumped 12% after the news, reaching a resistance level of 7.75 US dollars at one point. Meanwhile, MAGA Hat (MAGA), Super Trump (STRUMP), and Donald Tremp (TREMP) pumped 13%, 33%, and 25% respectively.
(Data Source: Rubmar Garcia)
