Memecoins linked to United States President Joe Biden, his wife Jill, and son Hunter have fallen more than 60% since Biden officially dropped out from the 2024 presidential race.
The Joe Biden-linked Jeo Boden (BODEN) token tanked 62% in less than two hours while Kamala Horris (KAMA) token soared amid speculation that US Vice President Kamala Harris will replace Biden as the Democrat candidate.
Nearly 10 billion has been wiped from BODEN’s market cap, which stood at 16.2 billion before the news broke, CoinGecko data shows.
CoinGecko data shows that memecoins linked to Joe Biden’s family members were hit even harder, including the Jill Boden token (JILLBODEN), which tanked 68.5% on the news and Hunter Biden’s Laptop (LAPTOP), which fell 62%, according to CoinMarketCap.
Both JILLBODEN and LAPTOP’s market caps have fallen below $100,000.
Memecoin tied to Kamala Harris soars
Meanwhile, the Kamala Harris-linked Kamala Horris (KAMA) memecoin increased 133% as pundits tip the US Vice President to be the likely replacement for Biden as a Democrat candidate.
While KAMA has since cooled off 35% since its 24-hour high, Harris is now on 80% odds to replace Biden, according to punters on decentralized predictions market Polymarket.
Former US First Lady Michelle Obama and Michigan Governor Gretchen Whitmer trail far below 5% and 4%, respectively.
It isn’t clear how supportive Harris would be of the cryptocurrency industry — having never publicly shared an opinion — for or against — it.
Biden didn’t cite his reasons for dropping out — instead, he claimed it was in the “best interest” of his party and country.
The current US President, however intends on finishing out his current term.
The Make America Great Again-themed memecoin MAGA linked to Republican candidate Donald Trump has increased by 7% since Biden’s announced his exit.