The political landscape in the US has seen a significant development after President Joe ***** announced he was dropping out of the presidential rally. Following the news, the PolitiFi memecoin sector saw a major shift as *****-themed tokens immediately plunged and Kamala Harris-inspired tokens soared.
Crypto Community Celebrates *****’s Candidature Withdrawal
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, politicians’ stance on cryptocurrencies has become a turning point for many voters.
On Sunday afternoon, US President Joe ***** announced he was stepping down as a Presidential Candidate for the upcoming elections. ***** detailed that he decided to focus on fulfilling his duties as president for the remainder of his term.
In another post, he endorsed vice-president Kamala Harris as the candidate for the Democratic party:
“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 *****. Let’s do this.”
Following the announcement, industry figures like Artur Hayes and Justin Sun reacted online. The Tron founder replied to *****’s X post, stating, “Goodbye *****, crypto will last forever.”
Meanwhile, The BitMEX co-founder noted that *****’s chances of winning would only increase if Harris is not the Democratic nominee. Hayes also said ***** will “smoke her like a Cuban” if she “actually becomes the nominee.”
The crypto community expressed mixed opinions, with some users sharing a bearish sentiment. Some believe that *****’s chances of winning were clear against ***** but could significantly reduce depending on the Democratic nominee.
On the contrary, others seem to believe that *****’s rejection of his nomination will be bullish for the crypto industry regardless of the nominee. Additionally, Polymarket reported that Republican candidate Donald ***** maintains a massive lead.
Per the prediction market website, ***** has a 65% chance of winning the presidential election in November, with nearly $40 million bet in his favor.
A Change In PolitiFi Memecoin Leadership
The PolitiFi memecoin sector saw a shakeout after the news. The price of *****-inspired tokens started to drop immediately, with its leading token, Jeo Boden (BODEN), shredding nearly 60% of its price.
The memecoin went from trading at $0.025 to the $0.01 price range in half an hour. 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.
The current price represents a 99.2% drop from its April all-time high (ATH) when it traded at $1.04. Additionally, the token saw a 66% market capitalization reduction since the announcement, going from $17.5 million to $5.99 million.
Nonetheless, 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.
*****-inspired tokens also saw a significant upswing after *****’s dropout. MAGA (*****) rose 12% after the news, momentarily reaching the $7.75 resistance level. Meanwhile, MAGA Hat (MAGA), Super ***** (STRUMP), and Donald Tremp (TREMP) rose 13%, 33%, and 25%, respectively.
