Joe Biden drops out of presidential race against Donald Trump, endorsing Vice-President Kamala Harris to be the new Democratic nominee. However, after these massive news, Vice President Kamala Harris may become the new democratic Nominee. In this article we will tell you how the crypto market reacted to political news from the US and which PolitiFi memecoins demonstrated the best results.
Joe Biden Withdraws from 2024 Presidential Race
On July 21, 2024, the current US President Joe Biden withdrew his candidacy from the 2024 US presidential election. In addition, the politician shared this decision on his platforms, including X.
Biden’s decision followed a failed debate, a coronavirus infection and a sharp rise in the popularity of his main rival Donald Trump amid an assassination attempt.
Vice President Kamala Harris may become the new Democratic presidential candidate. Biden himself proposed her candidacy. Meanwhile, and according to the BBC, Kamala Harris entered the race for the nomination after securing the support of Clinton’s wife and the governor of California. The market estimates her chances of participating in the Democratic presidential race at 81%.
Crypto Market Reaction
For crypto community members, Biden’s withdrawal from the election race is positive news. The market responded to the politician’s decision with a slight increase.
The best result in the PolitiFi category, which includes political memecoins, was recorded by the Kamala Horris token (KAMA). In 24 hours, the coin rose in price by 91.4%. However, the crypto project was launched in honor of Kamala Harris. Also, many tokens associated with Trump entered the top ten coins. For example, Pepe (TRUMP) rose in price by more than 90% in 24 hours.
Let us recall that during his campaign, Trump focused on supporting the crypto industry. He promised to protect the interests of crypto investors and support the development of mining in the United States. As a result, the politician became the main candidate from the crypto community. Therefore, positive news related to his campaign has repeatedly triggered a rally in the digital asset market. For example, Trump’s brave behavior against the backdrop of the assassination attempt provoked the growth of thematic memecoins.
Meanwhile, Harris’s position on crypto is unclear. Moreover, It is known that she does not invest in digital assets. Harris’s lack of a clear position on crypto has not prevented the growth of her token.
The worst performance in a day in PolitiFi was expectedly demonstrated by tokens associated with Joe Biden. For example, the Jill Boden coin (JILLBODEN), which was named after the first lady of the United States, fell in price by 76.8% in 24 hours.
