Memecoins
Trump coins surge as Biden withdraws from 2024 US presidential race
Meme coins inspired by former President Donald Trump surged Sunday after President Joe Biden announced he was ending his reelection bid and withdrawing from this year’s race.
Political candidates during this election cycle have continued to attract interest from blockchain betting site bettors Polymarketas well as a renewed interest in Meme parts.
Solana-based Trump coins Doland Tremp (Tremp) and TrumpCoin (DJT) rose more than 10.5% and 6.5% on the day shortly after Biden’s announcement on X.
Ethereum-based meme currency Maga Hat (MAGA) also rose more than 7%, according to CoinGecko data.
Tremp and DJT both reached their highest point since assassination attempt Trump’s shares at a rally in Pennsylvania on July 13, with the former reaching $0.54 while the latter hit $0.008.
“It has been the greatest honor of my life to serve as your president,” Biden wrote in a statement. THEtland“I believe it is in the best interests 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.”
Jeo Boden (BODEN), a Solana-based meme coin inspired by President Biden, fell as much as 58% and hit an all-time low as traders looked to quickly dump after the announcement.
In another tweetBiden has officially endorsed Vice President Kamala Harris as the Democratic Party’s nominee.
Solana-based meme coin Kamala Horris (KAMA) surged on the news, jumping more than 100% and hitting a new all-time high just above $0.02, data watch.
It ended weeks of speculation that Biden would step down amid growing pressure from within his party, including Senate Majority Leader Chuck Schumer and the former speaker of the House of Representatives. Nancy Pelosidue to concerns about his health and age.
While meme coins have continued to see renewed interest from investors in recent months, it is still “too early” to tell whether a resurgence in the sector is underway, David Lawant, head of research at FalconX, wrote in a recent note to investors.
“It’s too early to definitively announce the return of altcoin season, as BTC and ETH have many important drivers in the coming months. But it might be prudent to start looking beyond the majors.”