Biden-Inspired BODEN Meme Coin Keeps Plummeting, But Harris, Newsom Coins Surge On Nominee Speculation

In the wake of President Joe Biden’s COVID-19 diagnosis, meme coins inspired by potential presidential successors have surged, while Biden-themed Jeo Boden BODEN/USD is down significantly.

What Happened: On July 17, President Biden, aged 81 years, tested positive for COVID-19 with only mild symptoms. He announced that he would continue to fulfill his responsibilities while quarantining at his Delaware residence. Notably, the news of his illness came after he declared that he would step down from the 2024 race if he were to contract a serious medical condition.

Memecoins such as Gabin Noosum NOOSUM/USD and Kamala Horris KAMA/USD, inspired by potential Biden replacements, have rallied 586% and 241% respectively since July 17. However, the BODEN meme coin witnessed a 30% drop, as President Biden's Odds of exiting the race based on Polymarket data surged to 80%, compared to 33% two days ago) as of Thursday.

Also Read: Solana Up 7% And Could Get To 50% Of Ethereum’s Valuation As ‘Most Liquid Election Proxy In Crypto,’ Trader Says

Why It Matters: The recent rally in meme coins inspired by potential Biden successors comes in the context of increasing speculation about the Democratic nominee for the 2024 Presidential election.

Amid rising political tensions as the election approaches, Polymarket revealed changing odds regarding Biden’s potential withdrawal from the race. Political analyst Mark Halperin also noted that Biden plans to announce withdrawal from nomination as early as Sunday.

These reports were based on insights from several top Democrats and close allies urging Biden to consider stepping down.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Biden-Inspired ‘Jeo Boden’ Meme Coin May Become ‘First Popular Meme To Die’ After 95% Drop From Its Highs, Says Trader

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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