As a seasoned researcher with a background in political science and finance, I have closely followed the developments in the 2024 Presidential Election race. Having witnessed the impact of political decisions on financial markets throughout my career, I find the recent news regarding Joe Biden’s decision not to seek reelection particularly intriguing.
The United States President Joe Biden has announced that he will not seek reelection in the upcoming 2024 Presidential Election. In a statement on Sunday, Biden cited the interests of both the party and the nation to come to this decision. He supported Vice President Kamala Harris as his preferred successor, offering his “full support and endorsement” for her candidacy.
Recent developments in the news have led to noticeable shifts in the cryptocurrency market, most notably within the memecoin sector. For instance, Jeo Boden, a memecoin that had gained significant traction in recent months, suffered a substantial loss of 56% over the past day. In contrast, tokens connected to other potential Democratic nominees have seen remarkable growth. Kamala Horris’s token rose by an impressive 52%, while Gabin Noosum experienced a substantial surge of 115%.
As an analyst, I’ve observed that Biden’s announcement of his withdrawal from the presidential race in 2024 was met with increasing demands from different sources. In the past few weeks, some current senators have publicly urged him to reconsider his bid for re-election. Additionally, rumors have surfaced that former President Obama advised Biden to withdraw. Consequently, Kamala Harris’s probability of securing the 2024 presidency has risen to 26%. In contrast, Trump’s likelihood of winning remains relatively constant at approximately 63%.
Trump-Related Meme Coins Soar
Trump, known for his growing popularity among crypto enthusiasts, reacted to Biden’s recent announcement regarding cryptocurrency regulation on his Truth Social platform. In a post, Trump questioned Biden’s fitness for the presidency, expressing his opposition to the new policy.
“Joe Biden’s unfitness for the presidency was questionable from the start, and it remains a concern now.”
In recent times, tokens representing memes linked to Trump have experienced significant surge. An illustrative instance is the Donald Trump (TRUMP) token, which registered a gain of over 40% in value. Over the past year, this token has witnessed an astonishing growth of approximately 1300%.
The MAGA (TRUMP) token experienced a significant surge, gaining over 50% in value, following the breaking news. Additionally, its trading volume jumped by an impressive 250% within a day. At present, the token is trading steadily at $0.065.
Crypto Community Celebrates
The departure of Biden from the presidential elections in November has brought joy to the cryptocurrency community. Previously, Biden’s administration had faced criticism for its unclear regulatory stance and harsh measures affecting crypto investors and businesses. His exit strengthens Trump’s pro-crypto campaign in the election. Recently, Trump has emerged as a strong advocate for the industry, pledging to introduce crypto-friendly policies for Americans.
After the recent announcement on Sundays, notables in the US cryptocurrency sphere have expressed their excitement by changing their social media profile images to laser eyes and the American flag. This group includes tech mogul Elon Musk, founder of Tesla, and Marc Andreessen, co-founder of a16z (Andreessen Horowitz).
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2024-07-22 12:00