On Sunday, President Joe Biden announced that he would not be running for re-election in a surprising move. This decision has resulted in the Democratic nomination being in a state of uncertainty mere months before the November election against former President Donald Trump.
Biden stated on X that resigning “is in the best interest” of both the Democratic Party and the nation, enabling him to focus on his presidential responsibilities for the remainder of his term. He said he would address the country later in the week to elaborate on his decision.
Additionally, the President expressed his endorsement of Vice President Kamala Harris as the party’s nominee for the current year.
“Democrats, it is time to unite and defeat Trump.” He stated, “Let’s proceed with this.”
Kamala Harris Memecoin Increases as Joe Biden Meme Coin Declines
Jeo Boden, a memecoin, experienced a nearly 62% decline after the announcement. In the interim, tokens associated with other potential candidates experienced substantial fluctuations.
In particular, the Gabin Noosum memecoin experienced a 55% decline, while a memecoin based on Kamala Harris experienced an 80% increase. The value of a token themed around Donald Trump remained relatively constant.
Meme coins, renowned for their ability to capitalize on social media trends, may soon be in for another exhilarating journey. The coin’s popularity may be bolstered by the community’s support for Kamala Harris or a prospective new Democratic nominee.
Nevertheless, a rift between the candidate and the meme coin community could present obstacles.
The Boden token and other coins are precarious, as their success is contingent upon both the political climate and the vagaries of social media.
Concurrently, the viability of meme tokens may be at risk due to changes in crypto regulation that may result from a change in leadership. Their market value may experience a significant decline as a result of unfavorable policies.
Donald Trump Criticizes Biden’s Qualifications for the Presidency
Trump responded to Biden’s announcement with a post on Truth Social, stating, “Crooked Joe Biden was never fit to run for President and is indeed not fit to serve.
Trump had previously criticized Biden, suggesting that he lacked comprehension of cryptocurrency. Additionally, he denounced the Democrats, alleging they were adamantly opposed to cryptocurrency.
Trump, a Republican presidential candidate, has adopted a pro-crypto stance, pledging to eradicate the animosity toward the industry in the United States and professing his support for it.
