U.S. President Joe Biden has announced his decision not to seek reelection in the upcoming 2024 U.S. Presidential Election. This announcement, made through a statement on Sunday, has sent shockwaves through the political landscape, prompting reactions across the board.
President Biden cited the interests of the Democratic Party and the country as reasons for stepping down, a move that comes amid mounting pressure from within his own party. His endorsement of Vice President Kamala Harris as the Democratic nominee has further fueled speculation ahead of the Democratic National Convention.
The announcement had an immediate impact beyond politics, particularly in the realm of cryptocurrency. The memecoin ‘Jeo Boden’ (BODEN), named after Biden himself, saw a drastic drop of 44% in its value following the news. Conversely, tokens associated with potential contenders for the presidency experienced significant gains. Memecoins like ‘Kamala Horris’ surged by 52%, while ‘Gabin Noosum’ jumped an astonishing 115%. Notably, tokens referencing Republican figure Donald Trump also saw positive movement, with ‘Doland Tremp’ gaining 24%.
This shift in the cryptocurrency market reflects broader sentiment and speculation surrounding the upcoming election. On platforms like Polymarket, where political betting thrives, odds for Biden’s candidacy plummeted to below 1%, while Vice President Harris now stands at 26%. In contrast, Donald Trump maintains a robust 63% favorability rating, underscoring the uncertain political climate leading up to the election.
Former President Trump wasted no time in responding to Biden’s decision, taking to Truth Social to assert his belief that Biden was unfit to serve as President from the outset. This sentiment echoes criticisms from within Biden’s own party, where prominent figures such as Senate Majority Leader Chuck Schumer and former House Speaker Nancy Pelosi have voiced concerns over Biden’s electoral viability.
Looking ahead, the Democratic Party faces critical decisions as they prepare for the upcoming convention in Chicago. Despite Biden’s endorsement, uncertainty looms over whether the party will rally behind Vice President Harris or opt for an alternative candidate. Speculation swirls around potential challengers like California Governor Gavin Newsom, Illinois Governor J.B. Pritzker, and Michigan Governor Gretchen Whitmer, each with their own stance on critical issues, including cryptocurrency.
Governor Newsom, known for his cautious optimism towards Web3 technologies, remains reserved on cryptocurrency, a stance mirrored by Governor Whitmer. In contrast, Vice President Harris has yet to clarify her position, leaving room for speculation among crypto enthusiasts and investors alike.
Also Read: Is Hillary Clinton Set to Challenge Trump Again? Exploring Biden’s Potential Successor
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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