The cryptocurrency market experienced a significant level of volatility on July 21, 2024, following Joe Biden’s announcement of his withdrawal from the 2024 presidential race. Various tokens linked to Biden and his family saw substantial declines, while those associated with potential Democratic replacements surged in value. The Joe Biden-linked Jeo Boden (BODEN) token, for example, plummeted by 60% in less than two hours after the news broke. This led to a drastic decrease in BODEN’s market cap, which shrank by nearly $10 million, dropping from $16.2 million to $6.8 million. The token hit an all-time low of $0.008279 on July 22, 2024, before slightly recovering to $0.009769, representing a 57.1% decline in the last 24 hours.
Tokens associated with Biden’s family members also suffered severe losses in the wake of his announcement. The Jill Boden (JILLBODEN) token tanked by 82.5% in the last 24 hours, trading at $0.00001298 after hitting an all-time low of $0.00001733 on July 22. Similarly, the Hunter Boden (HUNTBODEN) token saw a notable decline, losing over 31% and trading at $0.0001006, barely above its all-time low of $0.0001009 on July 22.
Contrary to the Biden-linked tokens, the Make America Great Again-themed meme coin (MAGA) linked to Republican candidate Donald Trump experienced a decrease of 6.3% following Biden’s exit from the race. On the other hand, the Kamala Harris-linked Kamala Horris (KAMA) token surged amid speculation that the current Vice President would replace Biden as the Democratic candidate. The KAMA token saw a whopping 135% increase, reaching an all-time high of $0.02571 on July 21, 2024. Although it has since cooled off, the token remains up by 84% in the last 24 hours, trading at $0.01934.
Data from the decentralized predictions market Polymarket indicates that the odds of Kamala Harris replacing Biden as the Democratic candidate are at 85%. Other potential candidates, such as former First Lady Michelle Obama and Michigan Governor Gretchen Whitmer, trail far behind with odds of 5% and 3%, respectively. Biden, citing the “best interest” of his party and the country, endorsed Kamala Harris as his replacement but did not provide specific reasons for his withdrawal. Harris, in response, expressed her gratitude for the endorsement and stated her intention to earn and win the nomination.