Biden Family Memecoins tanked more than 60%, while a memecoin tied to US Vice President Kamala Harris soared 133% before cooling off.
Memecoins associated with United States President Joe Biden, his wife Jill, and son Hunter have experienced an over 60% decline since Biden’s official withdrawal from the 2024 presidential campaign.
In less than two hours, the Jeo Boden (BODEN) token, which is associated with Joe Biden, experienced a 62% decline, while the Kamala Horris (KAMA) token experienced a surge amid rumors that US Vice President Kamala Harris will succeed Biden as the Democratic candidate.
BODEN’s market valuation was 16.2 billion before the news, but it has been reduced by nearly 10 billion, according to CoinGecko data.
CoinGecko data indicates that the news mainly affected memecoins associated with Joe Biden’s family members. This data includes the Jill Boden token (JILLBODEN), which experienced a 68.5% decline in value, and Hunter Biden’s Laptop (LAPTOP), which experienced a 62% decline, according to CoinMarketCap.
The market capitalizations of both JILLBODEN and LAPTOP have declined below $100,000.
Memecoin tied to Kamala Harris sees growth
In the interim, the Kamala Harris-linked Kamala Horris (KAMA) memecoin experienced a 133% increase as pundits predict that the US Vice President will serve as the Democratic candidate to succeed Biden.
Harris is currently at 80% odds of succeeding Biden, according to gamblers on the decentralized predictions market Polymarket, even though KAMA has since declined by 35% from its 24-hour high.
Former US First Lady Michelle Obama and Michigan Governor Gretchen Whitmer are significantly behind the 5% and 4% thresholds, respectively.
It is uncertain whether Harris would favor the cryptocurrency industry, as he has never publicly expressed his opinion.
Biden refrained from specifying his rationale for withdrawing; instead, he asserted that it was in the “best interest” of his party and nation.
Nevertheless, the incumbent President of the United States intends to complete his current term.
There has been a 7% increase in the value of the Make America Great Again-themed memecoin MAGA, which is associated with Republican candidate Donald Trump, since Biden’s announcement of his departure.
