Joe Biden withdrew from re-election in the US: his memecoins plummet by up to 50%

Joe Biden withdrew from re-election in the US: his memecoins plummet by up to 50%

While memecoins are speculative assets, they serve as a reference for the sentiment of followers. Tokens linked to Trump have advanced more than 18% in the last 24 hours.

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Two memecoins linked to Joe Biden plummet up to 50% as a first reaction to his resignation from re-election. In this context, the top 20 cryptocurrencies on the market reverse the trend and lose up to 5%.

Joe Boden (BODEN) and Hunter Boden tokens are in free fall while MAGA, Super Trump Coin and BABYTRUMP, the memecoins linked to Donald Trump, are up more than 18% in the last 24 hours. Although these are purely speculative assets, they are useful to have a reference of the sentiment of the followers of each of the rivals in the presidential race while waiting for the Democrats to find a new candidate to compete against Trump.

For their part, the Cryptocurrencies fall up to 5% led by Near Protocol (-4.5%), Dogecoin (-4.6%) and Shiba Inu (-4.4%). Bitcoin, meanwhile, fell 0.6% to $66,900 and Ethereum -1.8% to $3,400.

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US Elections: Joe Biden confirmed that he is withdrawing from his candidacy and will not seek re-election against Donald Trump

President Joe Biden withdrew his candidacy for the United States elections which will be held on November 8. Through a letter he published on social media this Sunday, the 81-year-old veteran declined to participate in the elections and will not seek re-election. Discussions have begun to define who will replace the president on the list, with the vice president Kamala Harris as the one designated to occupy that place.

After several days of pressure from within the Democratic Party itself, Biden formally announced that he is withdrawing his candidacy for reelection and will not compete against the Republican Donald Trump.

“I believe that it is best for my party and the country that I step down and concentrate solely on fulfilling my duties as president for the remainder of my term.”the head of state said in a statement.

Bidenin a post on the social network X (formerly Twitter), said that he will remain in the presidency until his term ends in January 2025 and that he will address the country this week.

“It has been the greatest honor of my life to serve as your President. And while my intention has been to seek re-election, I believe it is in the best interest of my party and the country for me to step down and focus solely on fulfilling my duties as President for the remainder of my term,” Biden wrote.

Source: Ambito

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