Memecoin frenzy intensifies as US election nears

Savannah Fortis12 hours agoMemecoin frenzy intensifies as US election nearsPolitical memecoins are running rampant ahead of the US 2024 presidential election, reflecting both the excitement and turmoil of the race.2411 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe 2024 United States Presidential election has ignited a surge of memecoins associated with candidates from both sides of the political spectrum.

Crypto enthusiasts have been quick to follow the memecoin race, which features notable figures such as current President Joe Biden, who recently dropped out of the race; current Vice President Kamala Harris, who is now campaigning for president in the Democratic Party; former President Donald Trump, who just accepted the nomination of the Republican Party; and even Trump’s well-known red “Make America Great Again” (MAGA) hat.

Let’s take a look at some of the trending coins and how they’ve been faring in light of the latest election news.Runs in the family

Sitting President Biden has a whole host of memecoins not only related to him butmembers of his family as well. 

On July 21, Biden’s announcement that he was stepping down as the Democratic Party nominee and withdrawing from the 2024 election sent the memecoin ecosystem associated with his persona into a frenzy.

Reports reveal that the news liquidated nearly $67 million of leveraged long positions from the crypto market within half an hour of the announcement, along with a small dip in the price of Bitcoin (BTC).

Additional reports revealed that Biden-related coins dropped at least 60% in value in light of the news.

The Biden-inspired memecoin Jeo Boden (BODEN) fell by 62% within the first two hours after the announcement of his stepping down.pic.twitter.com/KVNP8DIn4J— rekt 熊 (@rekt_tekashi) July 21, 2024

CoinMarketCap shows that Hunter Biden’s Laptop (LAPTOP) is down nearly 45% from the previous day, while the Jill Boden token (JILLBODEN) is down by 82.54%, at the time of writing. 

Related:Gary Gensler will likely resign in 2025 after Biden exit — 10x ResearchMadam Vice President

While Biden-related tokens have been tanking, those related to Vice President Harris have seen the opposite reaction to the news.

The Kamala Horris (KAMA) token surged dramatically due to speculation that Harris might replace Biden as the new Democratic nominee.Source: Parrot Capital

At the time of writing KAMA is up 62% compared to the previous day prior to the news, according to DEXScreener. Source: Kamala on Solana

While not contenders for the current election season, other Democratic personalities have their own tokens, including former President Barack Obama’s OBEMA, Michigan Governor Gretchen Whitmer’s GRETCH, and California Governor Gavin Newsom’s NOOSUM.MAGA, TREMP, TRUMP

Of course, the political memecoin arena wouldn’t be complete without the slew of tokens related to Trump. MAGA (TRUMP) is the leading Trump-themed memecoin in terms of market capitalization. 

TRUMP has been fluctuating in relation to many recent events, particularly massive gains following the assassination attempt on the former US president on July 13. Market speculators are anticipating movement tied to Trump’s appearance at the upcoming Bitcoin Conference in Nashville, Tennessee, on July 27.Source: Doland Tremp

Another Trump-related token represents Trump’s MAGA hat, appropriately titled TRUMP’S HAT (MAGA). And similar to the BODEN token, there is also the Doland Tremp (TREMP) memecoin.

Both tokens saw small price hikes after the announcement of Biden’s resignation from the race, according to data from CoinMarketCap.BIDEN JUST DROPPED OUT OF ELECTIONS

The #MAGA movement is now stronger than ever! ❤️

Pack your bags frens! $MAGA pic.twitter.com/gNEMA1PoNJ— MAGA Crypto (@MagaHAT_ETH) July 21, 2024

With Biden’s announcement shocking the market, analysts are now speculating that his withdrawal could benefit the overall crypto market. 

Magazine:Crypto-Sec: Evolve Bank suffers data breach, Turbo Toad enthusiast loses $3.6K# Altcoin# Politics# Adoption# US Government# Elections# Donald Trump# Joe BidenAdd reaction