The 2024 United States Presidential election has spurred a surge in memecoins linked to candidates from both political parties.
Crypto enthusiasts are closely following the memecoin race, which includes notable figures such as President Joe Biden, who recently dropped out of the race; Vice President Kamala Harris, now campaigning for president in the Democratic Party; former President Donald Trump, who just accepted the Republican Party nomination; and even Trump’s iconic red “Make America Great Again” (MAGA) hat.
Let’s explore some trending coins and their performance in light of the latest election news.
Sitting President Biden has inspired numerous memecoins not only related to him but also to his family.
On July 21, Biden’s announcement of stepping down as the Democratic Party nominee and withdrawing from the 2024 election caused a significant stir in the memecoin ecosystem associated with his persona.
Reports indicate that the news liquidated nearly $67 million of leveraged long positions from the crypto market within half an hour, along with a slight dip in Bitcoin’s price.
Additionally, Biden-related coins plummeted by at least 60% in value following the announcement.
The Biden-inspired memecoin Jeo Boden (BODEN) fell by 62% within the first two hours after the news broke.
CoinMarketCap shows that Hunter Biden’s Laptop (LAPTOP) is down nearly 45% from the previous day, while the Jill Boden token (JILLBODEN) has dropped by 82.54% at the time of writing.
Conversely, tokens related to Vice President Harris have experienced a surge due to speculation that Harris might replace Biden as the new Democratic nominee.
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The Kamala Horris (KAMA) token surged dramatically, with a 62% increase compared to the previous day, according to DEXScreener.
Other Democratic personalities have their own tokens, including former President Barack Obama’s OBEMA, Michigan Governor Gretchen Whitmer’s GRETCH, and California Governor Gavin Newsom’s NOOSUM.
In the political memecoin arena, Trump-themed tokens are prominent. MAGA (TRUMP) is the leading Trump-themed memecoin by market capitalization.
TRUMP has fluctuated in response to recent events, particularly massive gains following the assassination attempt on Trump on July 13.
Speculators anticipate movement tied to Trump’s appearance at the upcoming Bitcoin Conference in Nashville on July 27.
Another Trump-related token, TRUMP’S HAT (MAGA), represents Trump’s MAGA hat. Like the BODEN token, the Doland Tremp (TREMP) memecoin also exists.
Both tokens saw modest price hikes after Biden’s resignation announcement, according to CoinMarketCap.
With Biden’s announcement shocking the market, analysts speculate that his withdrawal could benefit the overall crypto market.
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