LUCKNOW (CoinChapter.com) – President Joe Biden introduced his withdrawal from the 2024 US presidential race on Sunday, July 22. Whereas the 81-year-old chief could be very a lot alive and nicely, his determination has prompted the obvious demise of Biden-themed memecoins.
Memecoins, a subset of cryptocurrencies typically created as jokes or to capitalize on present occasions, had discovered a peculiar area of interest within the type of Biden-themed tokens. Fashionable examples included Jeo Boden (BODEN), Hunter Boden (HUNTBODEN), and Jill Boden (JILLBODEN). These digital property have been named after President Biden and his relations.
The speculative nature of those tokens made them notably susceptible to political modifications. Biden’s withdrawal from the race has exacerbated this volatility, resulting in sharp declines of their values. Biden’s determination had an ideal influence on Biden-themed cryptocurrencies, inflicting fluctuations of their costs.
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Pump and Dump Present of Biden-Themed Crypto
Hunter Boden (HUNTBODEN) is at the moment buying and selling at $0.0001231. Whereas it confirmed a 22.1% enhance within the final 24 hours, it stays down by 27.2% over the previous week.
The token’s price sharply declined round July 22, coinciding with Biden’s withdrawal announcement, adopted by a slight restoration.
One other memecoin Jeo Boden (BODEN) is priced at $0.02313 and has skilled a 24.50% decline over the previous week. Nonetheless, it gained round 156.90% up to now 24 hours.
The token’s price dropped considerably on July 22, adopted by a partial restoration, mirroring the sample seen in HUNTBODEN.
Jill Boden (JILLBODEN) is buying and selling at a mere $0.00002118. Regardless of displaying a stunning 62.4% spike within the final 24 hours, it stays down by 73.8% over the week. The token’s price plunged considerably on July 22, with solely a slight uptick afterwards.
The coordinated drop throughout all three tokens suggests a widespread sell-off triggered by Biden’s announcement.
The fallout from Biden’s withdrawal isn’t restricted to Biden-themed memecoins. Different political memecoins, similar to these themed after Vice President Kamala Harris (KAMA) and former President Donald Trump (TREMP), have additionally skilled vital fluctuations. Apparently, the Kamala Harris-themed KAMA token surged by 250% amid hypothesis about her candidacy.
Are Biden Memecoins Actually As Good As Lifeless?
These pump and dump reveals of Biden themed tokens point out that these cash are pretty much as good as useless. First, they’ve misplaced their basic worth. Biden-themed memecoins derived their perceived worth from Biden’s political relevance. Together with his withdrawal from the race, they’ve misplaced their major supply of worth and curiosity. Furthermore, these tokens had no real-world use case past hypothesis. With out Biden within the race, even that speculative attraction has diminished considerably.
The sharp drops point out a mass exodus of buyers, making it unlikely for these cash to regain their former worth or liquidity. The intense volatility and obvious pump and dump schemes have seemingly eroded investor belief, making future “pumps” much less efficient and sustainable.