Memecoin Mania Intensifies as US Election Nears
Ahead of the US 2024 presidential election, political memecoins are circulating widely, expressing the excitement and unrest of the contest.
Memecoins linked to candidates on both sides of the political spectrum have surged in value before the 2024 US Presidential election.
The memecoin contest, which includes well-known personalities including past Democratic contenders Joe Biden and Kamala Harris, Republican nominee Donald Trump, and even his recognizable red “Make America Great Again” (MAGA) hat, has drawn much attention from cryptocurrency fans.
Let’s examine a few popular coins and their performance in the most recent election-related news.
The current US president, Joe Biden, has numerous memecoins associated with him and his family members.
The memecoin community surrounding Biden’s announcement on July 21 that he was resigning as the Democratic Party contender and dropping out of the 2024 race caused a flurry.
According to reports, the news caused the price of Bitcoin BTC$67,634 to drop slightly and liquidated approximately $67 million in leveraged long bets from the cryptocurrency market within 30 minutes of the release.
According to additional sources, the news has caused the value of coins associated with Joe Biden to plunge by at least 60%.
Joe Boden (BODEN), a memecoin modeled after Joe Biden, saw a 62% decline in value in the first two hours following his resignation.
According to CoinMarketCap, the Jill Boden coin (JILLBODEN) has decreased by 82.54%, and Hunter Biden’s Laptop (LAPTOP) has reduced by approximately 45% from the previous day.
Tokens associated with Vice President Kamala Harris have experienced a positive response to the news, while those associated with Biden have experienced a decline.
The idea that Harris might unseat Biden as the new Democratic nominee caused the Kamala Horris (KAMA) token to skyrocket.
As of this writing, DEXScreener reports that KAMA is up 62% from the day before the news.
Other Democratic figures, such as Obama’s OBEMA, Michigan Governor GRETCH, and California Governor Gavin Newsom NOOSUM, have their tokens even if they are not candidates for the current election season.
With the plethora of tokens associated with Trump, the political memecoin scene is complete. Regarding market value, MAGA (TRUMP) is the top memecoin with a Trump theme.
TRUMP has fluctuated in response to several recent occurrences, most notably the significant gains that followed the former US president’s assassination attempt on July 13. Market watchers expect activity in response to Trump’s July 27 presentation at the next Bitcoin Conference in Nashville, TN.
There is also the Doland Tremp memecoin (TREMP), akin to the (BODEN) token and representing the iconic Trump MAGA hat. Another token related to Trump is called Trump’s HAT (MAGA).
When word spread that Biden was stepping down from the race, the prices of both coins increased somewhat, according to CoinMarketCap data.
Even though Biden’s news “shocked” the market, some analysts think the market would profit from his absence.
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