According to a report from The New York Times on Wednesday, a close ally of Joe Biden stated that the President is questioning his chances of running for re-election in 2024 following a poor debate performance last week.
Hours later, Biden told supporters during a campaign call that he is not going anywhere. “I’m in the race… Nobody’s going to push me out,” he said. “I’m staying in this fight to the finish, and we will win.”
This political drama caused a significant uproar in the meme coin world. As reported by CoinGecko, inspired by Biden, the Jeo Boden token plummeted by 38% within 24 hours following The Times report and experienced a 72% drop for the week. Within an hour of Biden declaring he wouldn’t withdraw, the token surged by over 25%.
In contrast, the equivalent meme coin of his opponent, Dolend Tremp (Tremp), dropped by 13.8% on the same day, marking a 44% decline for the week.
The market capitalization of BODEN and TREMP now stand at $28 million and $48 million, respectively.
On Thursday, during his first showdown with Donald Trump for the 2024 election, Biden made several surprising statements and appeared less focused. Public opinion polls widely suggest that viewers considered Trump as the winner of this debate. A Democratic congressman has already called for Biden to withdraw his party’s nomination after the election.
With national polls leaning towards Biden and dwindling confidence within the party, cryptocurrency investors now believe Vice President Kamala Harris will replace Biden as the Democratic nominee. As of Wednesday, Polymarket shows a win probability of 11% for Harris, 17% for Biden, and 61% for Trump.
Meanwhile, another meme token based on Solana, Kamala Horris (KAMA), surged around these speculations, rising by 61% in the past 24 hours and by 559% in the past week.
Among several cryptocurrency industry leaders in this election cycle, Trump has emerged as the top choice for president, including Kraken co-founder Jesse Powell and Gemini co-founders Cameron and Tyler Winklevoss.
Edited by Ryan Ozawa.
