A Wake-Up Call: Witnessing a Historic Moment in American Politics

Upon waking up, it is time to witness a historic moment in American politics. On July 21, U.S. time, President Biden issued a statement announcing his withdrawal from the 2024 presidential election. Biden's sudden exit has also stirred waves in the cryptocurrency market.

The cryptocurrency industry has been a hot topic in this year's U.S. presidential election. As of July 22, the market showed that the price of BTC has rebounded and surpassed $68,000.

On the same day, Biden posted a letter on his personal social media, stating that he initially intended to seek re-election, but for the best interests of the Democratic Party and the United States, he decided to withdraw from the presidential race and focus on fulfilling his presidential duties during his term. After announcing his withdrawal, Biden expressed his full support and endorsement for Vice President Harris to receive the Democratic presidential nomination. It is worth mentioning that Harris has never taken an official stance on cryptocurrency or commented on the industry.

By stepping down from the re-election campaign, Biden has paved the way for Vice President Harris to run for president, making her the first Black woman in U.S. history to run for president. Following Biden's announcement of his withdrawal and support for Vice President Harris's campaign, the crypto market reacted swiftly, with Memecoins related to Biden experiencing a sharp decline, while those associated with Vice President Harris saw significant increases.

The Harris-themed Meme coin "Kamala Horris (KAMA)" has seen its price break through $0.02, currently quoted at $0.02111, with a 92% increase in the past 24 hours. Its market capitalization has also surpassed $20 million, reaching $20,563,462, with a trading volume of $18,230,232 in the past 24 hours. Meanwhile, the Meme token Jeo Boden (BODEN) plummeted nearly 60% after Biden announced his withdrawal, with a total decline of 90% over the past month.

Biden-Related Meme Tokens Plunge 60%

After Biden officially announced his withdrawal from the 2024 presidential race, Memecoins related to President Biden, his wife Jill, and son Hunter have dropped over 60%.

On July 22, according to CoinGecko, the Jeo Boden (BODEN) token related to Biden plummeted 62% in less than two hours, currently quoted at $0.00939. Data shows that BODEN's market capitalization has evaporated by nearly $10 billion, down from $16.2 billion before the news broke.

Additionally, Memecoins associated with Biden's family have also been severely impacted. The Jill Boden token (JILLBODEN) fell by 68.5%, while Hunter Biden's Laptop (LAPTOP) dropped by 62%. Currently, both JILLBODEN and LAPTOP's market capitalizations have fallen below $100,000.

Harris-Related Meme Token KAMA Rises to New Highs

Meanwhile, the Meme token KAMA related to Kamala Harris has surged by as much as 133% within 24 hours, breaking through $0.0257 to set a new historical high. Currently, KAMA has increased by 84.7%, quoted at $0.01981.

Moreover, according to the decentralized prediction market Polymarket, although KAMA has retraced 35% from its 24-hour high, Harris now has an 80% chance of replacing Biden.

Former First Lady Michelle Obama and Michigan Governor Gretchen Whitmer have support rates of less than 5% and 4%, respectively. It remains unclear how much support Harris has for the cryptocurrency industry, as she has never publicly expressed an opinion for or against it.

Biden did not specify the exact reasons for his withdrawal, merely claiming it was in the "best interests" of his party and the country. However, the current U.S. president intends to complete his term.

Since Biden's announcement of his withdrawal, the MAGA-themed Meme coin related to Republican candidate Donald Trump has risen by 7%.

Biden's Exit Provides New Opportunities for the Democratic Party to Embrace Cryptocurrency

Forbes reporter Eleanor Terrett posted on X platform that the cryptocurrency policy group CEDAR Innovation Foundation stated that President Biden's decision to step down provides new opportunities for the Democratic Party's leadership to embrace cryptocurrency and blockchain technology. The foundation noted, "While Secretary Gensler and Senator Warren may have misled the White House's policies in the past, now is the time to propose a new vision for American innovation that will ensure innovative work stays in the U.S., enhance the global competitiveness of digital assets, and herald a new era of financial inclusion and prosperity."

Biden's withdrawal has brought new variables to American politics and new opportunities for the cryptocurrency industry. As the likelihood of Harris becoming the Democratic presidential candidate increases, the market will continue to pay attention to her stance and policy direction regarding the cryptocurrency industry.