Meme Coins Tumble as Joe Biden Announces Withdrawal From US Presidential Race

On Sunday, President Joe Biden announced his withdrawal from the 2024 Presidential race, causing Biden-themed meme coins to plummet. The decision had a huge impact on the meme coin market and prediction platforms like Polymarket.

Biden endorsed Vice President Kamala Harris to succeed him as the Democratic nominee.

Kamala Horris (KAMA) Meme Coin Continues to Surge

President Biden addressed his departure on X (Twitter).

“My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best decision I’ve made. Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats — it’s time to come together and beat Trump,” Biden stated.

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Consequently, Polymarket saw significant activity. Some traders, who had anticipated Biden’s exit, realized substantial profits. For instance, one trader earned a whopping 100x profit as news of Biden’s decision spread. Another saw a return of approximately $196,102 from an initial bet of $38,160 on Biden’s withdrawal.

However, not all traders experienced success; a user known as “AnonBidenBull” lost around $2 million by betting on Biden’s continued candidacy.

Moreover, Biden-themed meme coins, including those named after his family members, dropped more than 60%. The “Jeo Boden” (BODEN) token fell 61.7% within 24 hours of his announcement. This decline wiped nearly $10 million from its market cap, which had stood at about $15 million just days before.

In contrast, tokens associated with Vice President Kamala Harris, such as the “Kamala Horris” (KAMA) token, surged 80% amidst speculations that she might be the next Democratic candidate.

This sharp market response highlights the speculative nature of meme coins, which often react strongly to news and public perceptions. Investors in these tokens face extreme risks, as their value can fluctuate wildly based on the political climate and news cycles.

Although Biden did not mention health reasons for his decision—despite recently contracting COVID-19—the political implications are clear. Now, the chances of Kamala Harris winning the US Presidential election have surged to 29%.

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According to Polymarket data, Donald Trump continues to maintain his top position, with 64% odds of winning the election.