Memecoins
Biden withdrawal sends Bitcoin plummeting as Harris-themed memecoin surges 131% – DL News
- Joe Biden has withdrawn from the presidential race.
- Vice President Kamala Harris has an 82% chance of becoming the Democratic nominee, according to a Polymarket betting odds.
- Political memecoins exploded after Biden’s announcement.
US President Joe Biden sent shockwaves through markets by announcing he would not run for the White House for four years.
“It is in the best interest of my party and the country that I step aside and focus solely on fulfilling my duties as president for the remainder of my term,” Biden said in a statement.
The president has endorsed his vice president, Kamala Harris, to replace her.
Bitcoin fell 2.3% to $65,885 after the announcement, during a weekend of low activity, before recovering. It was hovering around $67,002 as of 7:45 p.m. in London.
Why this drop?
“That’s because there’s a higher chance his replacement will beat Trump in November,” analyst Noelle Acheson said in a tweet. “That’s less favorable for cryptocurrencies overall.”
Doland Tremp, a memecoin based on the candidate Donald Trumpclimbed 30% to about 55 cents.
Jeo Bodena play on words around the president’s name, fell 59% to about a cent.
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A token nicknamed Kamala Horris skyrocketed by 131%.
Trump has appeared as a crypto-friendly candidate this year as Gary Gensler’s Securities and Exchange Commission cracks down on the industry.
But Harris’ position is harder to pin down. She has never taken an official position on cryptocurrencies or commented on the industry.
Growing role
However, it maintains close ties with the technology industry.
Political memes highlight the growing role of cryptocurrencies in elections, with industry insiders betting on the outcome of the November vote to catapult Bitcoin to new highs.
The industry has invested millions to influence politicians in Washington.
It seems to be working: politicians are increasingly interested in cryptocurrencies, and Congress has passed radical pro-crypto policies.
Crypto Election
Biden’s shock decision comes after a tumultuous presidential race filled with criminal chargeA chaotic debate, crypto recommendations And an assassination attempt.
The race also made cryptocurrency a key election issue.
In May, Trump positioned himself as a pro-crypto candidatedeviating from his previous claim that Bitcoin is “a scam against the dollar.”
The industry has rallied behind the former president’s second attempt to retake the White House.
Industry players like the founders of the tech venture capital giant a16zand founder of Messari Ryan Selkis came to fight for Trump.
Some have warned that Trump’s stance on immigration and tax cuts could send inflation upwards, which would be bad for the price of Bitcoin.
Biden, on the other hand, was seen as primarily anti-crypto, although recent signs have shown that he has warmed up before withdrawing his candidacy for a second term.
A bet On crypto-powered betting site Polymarket, the odds of Harris being the Democratic nominee are 82%.
The bet gives the runner-up, former first lady Michelle Obama, a 4 percent chance of winning the nomination, even though the former first lady did not run for the White House.
Eric Johansson is the editor-in-chief of DL News. Do you have any information for us? Send him an email at eric@dlnews.com.