In a surprising development, President Joe Biden declared on Sunday that he would not seek re-election. This decision throws the Democratic nomination into uncertainty just months before the November election against former President Donald Trump.
Biden said on X that stepping down “is in the best interest” of both the Democratic Party and the country, allowing him to concentrate on his presidential duties for the rest of his term. He mentioned that he would address the nation later in the week to discuss his decision further.
The president also announced support for Vice President Kamala Harris as this year’s party nominee.
“Democrats — it’s time to come together and beat Trump. Let’s do this,” he said.
pic.twitter.com/RMIRvlSOYw
— Joe Biden (@JoeBiden) July 21, 2024
As Joe Biden Meme Coin Nosedives, Kamala Harris Memecoin Gains
Following the announcement, the memecoin Jeo Boden plummeted nearly 62%. Meanwhile, tokens linked to other potential candidates saw major moves. Specifically, a memecoin based on Kamala Harris surged 80%, while the Gabin Noosum memecoin dropped 55%. A Donald Trump-themed token remained roughly unchanged in value.
Meme coins, known for riding social media waves, could be in for another wild ride in the coming days. The community’s embrace of Kamala Harris, or a potential new Democratic nominee, could fuel the coin’s popularity. However, a disconnect between the candidate and the meme coin crowd could pose challenges.
Coins like the Boden token tread a tightrope, as their success hinges on both social media whims and the political climate. Meanwhile, a change in leadership can also bring in change in crypto regulation, potentially jeopardizing the viability of meme tokens. Unfavorable policies could send their market value plummeting.
Donald Trump Attacks Biden’s Fitness for Office
Trump responded to Biden’s announcement with a post on Truth Social, saying: “Crooked Joe Biden was not fit to run for President, and is certainly not fit to serve – And never was!”
Trump had earlier criticized Biden, implying that he has no understanding of cryptocurrency. He also condemned the Democrats, accusing them of being staunchly against crypto. As a Republican presidential candidate, Trump has embraced a pro-crypto position, expressing his support for the industry and pledging to eliminate the antagonism toward it in the US.
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