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Amid speculation about Joe Biden’s future in the 2024 presidential race, memecoins tied to potential successors like Kamala Harris have surged, contrasting with the volatile trajectories of Biden-inspired “Joe Boden” and “MAGA” coins.
As the United States enters election season, it is becoming clear that both campaigns are using cryptocurrency funds and conversions much more than in previous years.
According to recent data reportsSpeculation is rife that Biden may be considering his future in the 2024 race, prompting Polymarket traders to raise the odds of the Democrat dropping out to nearly 80% on Wednesday, up from 55% previously.
This sudden increase follows a week of volatility in From Polymarket “Is Biden dropping out of the presidential race?” has attracted nearly $10 million in bets. Before last week’s debate with Donald Trump, the odds of that very question coming up were 20%.
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The White House has denied all reports that Biden is considering withdrawing.
Meme coins
Memecoins associated with Joe Biden and Donald Trump have seen significant fluctuations in recent months. But these recent reports about Biden's health have led to a surge in memecoins for his potential successors.
The Joe Boden Coin (BODEN) has had a rough six months. BODEN rose to nearly $0.80 in April before plummeting to a current price of $0.035. That’s a decline of over 95% in value from all-time highs.
The MAGA coin (TRUMP) has seen similar volatility. It hit an all-time high of $17.37 in June before falling to a current price of $5.35.
The memecoins that Biden proposes as a replacement
In the past 24 hours, memecoins inspired by political figures who could replace Joe Biden, such as “Kamala Coin” (inspired by Vice President Kamala Harris) and “Buttigieg Bucks” (inspired by Pete Buttigieg), have increased their market value.
Kamala Coin (AS) rose more than 110% in the last day.
According to data from CoinGecko, another memecoin, “Gabin Noosum” (NOOSUM), is up 15% over the past 24 hours and a coin inspired by independent presidential candidate Robert F. Kennedy Jr., the misspelled “Ruburt F Kenidy Jr” (KENIDY), has gained 10% over the same period.
