Unexpectedly, President Joe Biden announced on Sunday that he would not run for office again. Just a few months before the election against former President Donald Trump in November, this decision casts doubt on the Democratic nomination.
In order to focus on his duties as president for the remainder of his term, Biden stated on X that stepping down “is in the best interest” of the Democratic Party and the nation. He said he would address the country later this week to go over his decision in more detail.
In addition, the president declared his endorsement of Vice President Kamala Harris as the party’s nominee for this year.
“Democrats — it’s time to come together and beat Trump. Let’s do this,” he said.
— 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.
Memes, which are well-known for catching on social media trends, might be in for yet another crazy ride in the near future. The coin’s appeal may be bolstered by the community’s support for Kamala Harris, or any prospective new Democratic nominee. But there might be problems if the candidate does not connect with the meme coin crowd.
Coins such as the Boden token walk a fine line, as their viability depends on the political landscape as well as the whims of social media. The sustainability of meme tokens may be threatened by changes in cryptocurrency regulations brought about by a change in leadership. Their market value could plummet due to unfavorable policies.
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.