Jeo Boden (BODEN) Meme Coin Price Drops 65% After Biden Resigns

Bittime - Joe Biden's decision to withdraw from the 2024 presidential election bid has sparked intense turmoil in the crypto market. As proof, the memecoin Jeo Boden (BODEN), which was inspired by Biden, plunged 65% after the announcement.

The price of Meme Coin Jeo Boden (BODEN) plummets

In less than two hours after Biden's announcement, meme coins associated with the Biden family saw a drastic decline. Jeo Boden (BODEN), a coin inspired by Joe Biden, plunged 62%. 

This negative impact also spread to coins associated with other members of the Biden family. Jill Boden (JILLBODEN), inspired by First Lady Jill Biden, saw the sharpest decline at 68.5%. Meanwhile, Hunter Biden's Laptop (LAPTOP), a coin referring to President Biden's son's controversy, fell 62%.

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This sharp decline resulted in huge losses for coin holders. Data from CoinGecko shows that BODEN's market capitalization fell by 10 billion (Rp. 162 trillion) from its initial position of 16.2 billion (Rp. 262.44 trillion) before Biden's announcement. 

JILLBODEN and LAPTOP experienced a worse fate. Both coins now have a market capitalization of under $100,000 (Rp. 1.62 billion).

KAMA Meme Coin Even Increases

In the midst of the fall of the Biden family coins, an interesting phenomenon occurred with the meme coin associated with Vice President Kamala Harris. Kamala Horris (KAMA) recorded a spectacular rise of up to 133%. 

This increase follows speculation that Harris will replace Biden as the Democratic presidential candidate. Even though it then experienced a correction of 35% from its highest price in 24 hours, Harris' chances of replacing Biden are still predicted to be high by observers.

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Decentralized prediction platform Polymarket notes that Harris now has an 80% chance of being Biden's likely successor. Other names like former First Lady Michelle Obama and Michigan Governor Gretchen Whitmer are far behind with odds under 5% and 4% respectively.

Interestingly, although Biden has not revealed the exact reason for withdrawing from the nomination, he stated that this decision was taken in the "best interests" of his party and country. Biden also emphasized that he would complete his term as US President at this time.

Meanwhile, in the Republican camp, the Make America Great Again (MAGA) themed meme coin inspired by Donald Trump also experienced an increase of 7% after the announcement of Biden's resignation.

This phenomenon once again proves how volatile the crypto market is, especially meme coins which are very vulnerable to sentiment and external events. 

Observers advise investors to remain vigilant and careful in investing in digital assets, especially those that are closely linked to rapidly changing political dynamics.

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You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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