- After Biden announced his resignation on Sunday, Solana and Ethereum-based joke coins that were inspired by Donald Trump saw a sharp increase.
After President Joe Biden announced on Sunday that he was dropping out of this year’s election and ending his reelection campaign, meme coins featuring former President Donald Trump saw an increase in value.
Bettors on Polymarket, a blockchain betting platform, have shown a growing interest in meme coins and in political candidates this election year.
Shortly after Biden’s revelation on X, two Solana-based Trump meme coins, Doland Tremp (Tremp) and TrumpCoin (DJT), gained more than 10.5% and 6.5% on the day.
Data from CoinGecko also shows that the Ethereum-based meme coin Maga Hat (MAGA) increased by more than 7%.
Tremp and DJT both reached their best levels since the July 13 Trump rally assassination attempt, jumping to $0.54 for Tremp and $0.008 for the latter.
Serving as your president has been the greatest honor of my life, Biden stated in a letter. I think it would be best for my party and the nation if I stepped aside and spent the balance of my term concentrating just on doing my job as President.
Following the revelation, traders attempted to swiftly offload Jeo Boden (BODEN), a meme coin headquartered in Solana that was inspired by President Biden. As a result, the token saw a 58% decline and reached an all-time low.
Biden publicly endorsed Democratic Party nominee Vice President Kamala Harris in a different tweet.
According to data, the Solana-based meme coin Kamala Horris (KAMA) spiked more over 100% and reached a new all-time high slightly over $0.02 in response to the news.
It put a stop to weeks of rumors that Biden would withdraw due to health and age issues, which were fueling pressure from members of his party, notably Senate Majority Leader Chuck Schumer and former House Speaker Nancy Pelosi.
Even while investor interest in meme currencies has increased recently, it’s still too early to say if the industry is about to witness a comeback. The head of research at FalconX, David Lawant, stated in a recent investor letter.
Given that ETH and BTC will have a number of noteworthy catalysts in the upcoming months, it is premature to declare with certainty that alt season will resume. But it could be wise to start considering options outside of majors.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
