The political landscape in the US has seen a significant development after President Joe Biden announced he was dropping out of the presidential rally. Following the news, the PolitiFi memecoin sector saw a major shift as Biden-themed tokens immediately plunged and Kamala Harris-inspired tokens soared.

Crypto Community Celebrates Biden’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 Biden announced he was stepping down as a Presidential Candidate for the upcoming elections. Biden 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 Trump. Let’s do this.”

Following the announcement, industry figures like Artur Hayes and Justin Sun reacted online. The Tron founder replied to Biden’s X post, stating, “Goodbye Biden, crypto will last forever.”

Meanwhile, The BitMEX co-founder noted that Trump’s chances of winning would only increase if Harris is not the Democratic nominee. Hayes also said Trump 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 Trump’s chances of winning were clear against Biden but could significantly reduce depending on the Democratic nominee.

On the contrary, others seem to believe that Biden’s rejection of his nomination will be bullish for the crypto industry regardless of the nominee. Additionally, Polymarket reported that Republican candidate Donald Trump maintains a massive lead.

Per the prediction market website, Trump 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 Biden-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.

Trump-inspired tokens also saw a significant upswing after Biden’s dropout. MAGA (TRUMP) rose 12% after the news, momentarily reaching the $7.75 resistance level. Meanwhile, MAGA Hat (MAGA), Super Trump (STRUMP), and Donald Tremp (TREMP) rose 13%, 33%, and 25%, respectively.

The post PolitiFi Memecoin Shakeout: BODEN Plummets 55% While KAMA Skyrockets 150% Following Biden Dropout appeared first on CryptoSens.

X (formerly Twitter) owner Elon Musk is known to have an underlying interest in politics and cryptocurrencies. And this time around, the world’s richest man has showered praises on a pro-crypto candidate. 

Elon Musk Compliments Pro-Crypto Ramaswamy

Elon Musk revealed his admiration for Republican Presidential Candidate Vivek Ramaswamy in response to a clip of Ramaswamy’s appearance on Tucker Carlson’s online show posted on the X platform. In the tweet, Musk labeled him “a very promising candidate.”

This isn’t the first time the world’s richest man has shown public support for a pro-crypto candidate, as Florida Governor Ron DeSantis was meant to announce his presidential bid during a chat with the Tesla CEO.

Meanwhile, Ramaswamy is known to have taken a pro-crypto stance since the beginning of his campaign. As part of his campaign, he has promised to create a more viable environment for the crypto industry in the US. 

The presidential candidate has gone as far as incorporating Bitcoin donations into his campaign funds. During a Bitcoin 2023 conference in May, he announced that his campaign committee was “officially” accepting Bitcoin donations. 

Interestingly, another presidential candidate Robert F. Kennedy also announced that his team was accepting Bitcoin donations during this conference. 

Crypto A Focal Point Ahead Of Next Year’s Elections

Cryptocurrencies have continued to gain more attention in the political sphere ahead of the 2024 US elections. This isn’t surprising, considering that many US voters are said to be actively invested in digital assets. 

Last year, a poll conducted by the crypto-focused political group GMI PAC revealed that 44% of US voters own or are considering owning digital assets. As such, it is expected that politicians will be looking to target this group of voters. 

Presidential candidates like Ramaswamy and Kennedy have shown their inclination toward crypto. Kennedy, for one, has described cryptocurrency as a “symbol of democracy and freedom.”

Republican Presidential Candidate Ron DeSantis is another huge fan of Bitcoin. The Governor has promised to end “Biden’s War on Bitcoin” if elected. He also believes every citizen should have the right “to do Bitcoin,” as he mentioned during an X space with Elon Musk.

Furthermore, there is reason to believe that the outcome of the 2024 elections could significantly impact the crypto industry going forward. Former SEC Attorney John Reed Stark has predicted that the SEC’s clampdown on crypto firms could become a thing of the past if a Republican gets elected as President next year. 

This prediction may not be far-fetched considering that two of the front runners for the Republican Presidential ticket (DeSantis and Ramaswamy) have publicly shown their support for cryptocurrencies. 

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