US President Joe Biden has tested positive for COVID-19 amidst concerns about his health as the election approaches.
The 2024 re-election campaign of US President Joe Biden was the subject of a significant amount of speculation after he tested positive for COVID-19. The announcement ignites a substantial increase in meme currencies named after potential successors, electrifying the cryptocurrency market.
Biden, who is 81 years old, is currently experiencing moderate symptoms and is undergoing quarantines at his Delaware residence, according to Karine Jean-Pierre. Polymarket has estimated a 63% likelihood that he may withdraw from the race due to his health condition despite his endeavors to continue performing duties.
In response to this ambiguity, the meme coins Gabin Noosum (NOOSUM) and Kamala Horris (KAMA) experienced a 171% and 94% increase within 24 hours. These tokens, named after potential Democratic candidates Gavin Newsom and Kamala Harris, reflect investors’ conjecture regarding who may succeed Biden.
Political Tumbles of Meme Coins
In contrast, caricature coins that are linked to former President Donald Trump have experienced a decline. Coingecko data indicates that MAGA (TRUMP) and the misspelled “Doland Tremp” (TREMP) have experienced a drop of over 8.5 and 13%, respectively. This change suggests that there needs to be more confidence in Trump’s ability to win the upcoming election in light of Biden’s health issues.
Nancy Pelosi has reportedly privately advised Biden that defeating Trump in the November election would be difficult. In conjunction with Biden’s most recent debate performance, this advice has prompted concerns regarding his re-election campaign. Amid these developments, meme coin markets are a hive of activity indicative of political uncertainty.
The meme coin phenomenon is not a recent development. Earlier in 2024, a parody token named Jeo Boden (BODEN), which Biden inspired, achieved a $648 million market valuation, illustrating the speculative and volatile nature of the meme coin market. Meme coins frequently experience rapid price fluctuations due to investor FOMO (fear of missing out) and social media publicity.
The Boden token experienced a 54% increase in value within 24 hours of its inception. Despite the absence of intrinsic value, these tokens rapidly garner attention through viral social media posts and the allure of quick profits. Although experts have cautioned against the high likelihood of scams and “rug pulls,” the meme coin mania has resulted in substantial presale funding.
Risky Frenzy of Meme Coins Urgency
The appeal of meme currencies is derived from their scarcity and timeliness, which generates a sense of urgency among investors, according to the crypto education firm Gryphsis Academy. This urgency is only exacerbated by limited-time offers and exclusive airdrops, which necessitate speedy action. Nevertheless, the risk remains elevated, as numerous new tokens have the potential to be fraudulent.
In light of the ongoing meme coin hysteria on Solana’s platform, Anatoly Yakovenko, co-founder of Solana, has advised investors to exercise caution. Investors are advised to conduct exhaustive research before investing in meme coins, as the likelihood of a rug pull is substantial, given the thousands of new tokens launched.
