PolitiFi Memecoin Sector Sees a Shakeout as Biden-Themed Tokens Plunge and Kamala Harris-Inspired Tokens Soar
- WBOYOriginal
- 2024-07-23 14:50:34655browse
The November elections have been a hot topic for the crypto industry. After years of a hostile and “overreaching” regulatory approach from the US government
After US President Joe Biden announced he was dropping out of the presidential rally, the political landscape in the country shifted significantly. Following the news, there was a major change in the PolitiFi memecoin sector as Biden-themed tokens saw an immediate plunge, while Kamala Harris-inspired tokens soared.
According to a recent report, Biden announced his decision to focus on fulfilling his duties as president for the remainder of his term in a post on the X platform on Sunday afternoon. Biden also endorsed vice-president Kamala Harris as the candidate for the Democratic party in another post.
“Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats -It’s time to come together and beat Trump. Let’s do this.”
Following the announcement, there were mixed opinions from the crypto community, with some users sharing a bearish sentiment. Some believe that Trump’s chances of winning were clear against Biden but could significantly reduce depending on the Democratic nominee. On the other hand, others seem to believe that Biden’s rejection of his nomination will be bullish for the crypto industry regardless of the nominee. Additionally, Polymarket reported that Republican candidate Donald Trump maintains a massive lead.
Per the prediction market website, Trump has a 65% chance of winning the presidential election in November, with nearly $40 million bet in his favor.
A Shift In PolitiFi Memecoin Leadership
The PolitiFi memecoin sector saw a shakeout after the news. The price of Biden-inspired tokens started to drop immediately, with its leading token, Jeo Boden (BODEN), shedding nearly 60% of its price in half an hour. The memecoin went from trading at $0.025 to the $0.01 price range. BODEN further plunged in the following hours, reaching the $0.0086 support zone. This performance represents a 65% and 73% decline in the last 24 hours and seven days.
However, Kamala Harris-inspired tokens surged in the last 24 hours. Kamala Horris (KAMA) was the largest gainer among PolitiFi tokens in the past day. KAMA went from hovering between the $0.011-$0.019 level to the $0.025 price range in two hours, soaring 150%.
The memecoin, launched in May, registers a 257% and 1,433% increase in the weekly and monthly timeframes. As of this writing, KAMA has retraced above the $0.015 mark, currently trading at $0.016.
Trump-inspired tokens also saw a significant upswing after Biden’s dropout. MAGA (TRUMP) rose 12% after the news, momentarily reaching the $7.75 resistance level. Meanwhile, MAGA Hat (MAGA), Super Trump (STRUMP), and Donald Tremp (TREMP) rose 13%, 33%, and 25%, respectively.
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