Presidential Election 2024 Ignites Memecoin Frenzy

Presidential Election 2024 Ignites Memecoin Frenzy

The 2024 United States Presidential election has sparked a surge of memecoins linked to candidates from both political parties. Crypto enthusiasts are closely following the memecoin race, featuring prominent figures such as former Democratic nominees Joe Biden and Kamala Harris, Republican nominee Donald Trump, and even Trump’s iconic red “Make America Great Again” (MAGA) hat.

A Closer Look at Trending Coins

Biden and Family-Related Memecoins

The sitting US president, Joe Biden, has inspired a range of memecoins not only centered around him but also involving members of his family. On July 21, Biden’s announcement that he was stepping down as the Democratic party nominee and withdrawing from the 2024 election sent the memecoin ecosystem linked to his persona into turmoil. This news led to the liquidation of nearly $67 million of leveraged long positions in the crypto market within half an hour and caused a minor dip in Bitcoin’s price.

Reports indicate that Joe Biden-related coins plummeted by at least 60% in value following the announcement. The Joe Biden-inspired memecoin Jeo Boden (BODEN) fell by 62% within the first two hours after the news broke. According to CoinMarketCap, Hunter Biden’s Laptop (LAPTOP) is down nearly 45% from the previous day, and the Jill Boden token (JILLBODEN) has dropped by 82.54% at the time of writing.

Vice President Kamala Harris

While Biden-related tokens have nosedived, those linked to Vice President Kamala Harris have experienced a surge. The Kamala Horris (KAMA) token spiked dramatically due to speculation that Harris might replace Biden as the new Democratic nominee. Other Democratic figures also have their own tokens, including Obama’s OBEMA, Michigan Governor Gretchen Whitmer’s GRETCH, and California Governor Gavin Newsom’s NOOSUM.

Trump-Themed Memecoins

The political memecoin arena wouldn’t be complete without tokens related to Trump. MAGA (TRUMP) is the leading Trump-themed memecoin in terms of market capitalization. TRUMP has been experiencing fluctuations, with significant gains following the assassination attempt on the former US president on July 13. Market speculators are anticipating further movements tied to Trump’s appearance at the upcoming Bitcoin Conference in Nashville, Tennessee, on July 27.

Additionally, the Trump MAGA hat token, aptly named TRUMP’S HAT (MAGA), and the Doland Tremp memecoin (TREMP) saw small price hikes following Biden’s resignation announcement, according to CoinMarketCap data.

Despite the initial market shock caused by Biden’s announcement, some analysts believe his withdrawal could benefit the overall crypto market in the long run.