Memecoins associated with Donald Trump, Joe Biden and Kamala Harris have responded to the latest US political developments. Image by Hameem Sarway.
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Key Takeaways
Joe Biden’s withdrawal from the US presidential race has sparked drastic shifts in the memecoin market.
Coins associated with the President have broadly declined while Kamala Harris-themed KAMA has exploded.
Meanwhile, Trump tokens showed a mixed response to the announcement.
The market for memecoins themed around American political figures has seen significant volatility since President Biden announced his intention to withdraw from the US presidential race on Sunday, July 21.
Reflecting the new US political landscape, memecoins associated with Joe Biden have retreated sharply while those associated with Kamala Harris have exploded. Meanwhile, Trump-themed tokens have made positive but more modest gains.
Kamala Harris in, Joe Biden Out
Since Sunday afternoon, Kamala Horris (KAMA), Vice President Kamala Harris-themed memecoin, has been the largest beneficiary of surging interest in cryptocurrencies related to the Vice President.
Forty minutes after Biden announced his decision on X, KAMA jumped 218% to nearly $0.024. At the time of writing, the parody coin was up 58.6% in 24 hours and 324.3% in the last week.
KAMA price chart. Source: CoinGecko
Conversely, the preeminent Biden coin, Jeo Boden, has crashed out, declining in value by 58.6% in a day.
Not long ago, Jeo Boden (BODEN) was the largest political parody coin on the market. But following the President’s declining ratings and now his withdrawal from November’s election, Doland Tremp (TREMP) has taken the top spot.
Mixed Reactions Among Trump Coins
Already riding high on a wave of pro-Trump sentiment, Biden’s announcement has further fueled an ongoing rally in Trump-themed memecoins.
In the last 24 hours, TrumpCoin (DJT) and Super Trump (STRUMP) have clocked gains of 2.2% and 21.4% respectively.
However, the bullish pattern hasn’t extended to every memecoin associated with the Republican candidate.
One of the most well-known Trump coins, MAGA (TRUMP), responded negatively to Biden’s announcement and has been down 4.6% since Sunday and nearly 40% since its all-time high in early June.
A Fast-Paced Meme Market
Recent developments highlight the lighting-quick pace at which the memecoin market can move.
MAGA’s sluggish July performance could be attributed to declining interest in the token. Interest has been trending for most of the year but is now being usurped by newer, smaller-capitalization Trump coins like Pepe Trump.
Likewise, Biden-themed coins emerged out of nowhere in the spring and may now have started their steady decline into obscurity.
As always, meme-coin trading is about following hype cycles and responding quickly to the latest news and events. Investors who don’t keep their finger on the pulse of current affairs risk getting burned.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
