- Declaring on Sunday that he will not run for reelection in 2024, President Joe Biden endorsed Vice President Harris to succeed him.
- The price of a memecoin bearing his name plummeted in the wake of the announcement.
In the forthcoming U.S. Presidential Election of 2024, U.S. President Joe Biden will not run for reelection.
In a statement released on Sunday, Biden stated that he thought his resignation was best for the nation and the party. In a follow-up post on X, Biden declared his complete support and endorsement for Vice President Kamala Harris to succeed him as the Democratic Party’s contender in the contest.
Over the past few weeks, Biden has apparently been under increasing pressure to withdraw from the race. Several sitting senators have called on him to do so, and former President Barack Obama has reportedly even suggested that he do so.
The memecoin Jeo Boden BODEN -61.65% saw a 44% decline after the announcement. Tokens for other potential competitors witnessed significant increases at the same period. Specifically, the memecoin Gabin Noosum surged 115%, while Kamala Horris soared 52%.
Given that Republican presidential candidate Donald Trump withdrew, tokens with his name received an increase. The primary memecoin impacted was Doland Tremp, which has increased by 24% since the news surfaced.
Surprisingly, Biden’s chances of winning the election have decreased to less than 1% on the prediction market Polymarket, while Kamala Harris’s current odds are 26%. At 63%, Trump stays about the same.
In a post on Truth Social, Donald Trump addressed Joe Biden’s announcement, saying, in part, that “Crooked Joe Biden was not fit to run for President, and is certainly not fit to serve – And never was!”
Biden gives in to party coercion
Following a lackluster debate performance last month that shocked conversations about maybe unseating him as a presidential contender, Biden had been under increasing pressure. According to ABC News, he has been advised to withdraw by prominent Democrats, such as Senate Majority Leader Chuck Schumer, within the last week. According to CNN, former House Speaker Nancy Pelosi informed Joe Biden that polls indicate he will not be able to defeat Republican presidential nominee and former president Donald Trump and warned that Biden might ruin the Democrats’ hopes of reclaiming the House.
It’s uncertain if the Democratic party will nominate Harris in accordance with Biden’s backing as they prepare to choose a presidential contender at the Democratic National Convention in Chicago the following month. VP Harris presently has 81% odds of being the nominee in a top Polymarket contract, while the odds of a generic “Other” candidate are 12%.
In a statement issued after Biden’s announcement, Vice President Harris said, “I am honored to have the President’s endorsement and my intention is to earn and win this nomination.”
Along with Harris, a few other possible Democratic opponents have been mentioned by media publications. These include the governors of California, Illinois, and Michigan, Gavin Newsom, J.B. Pritzker, and Gretchen Whitmer.
VPs Harris and Whitmer have not made a decision about cryptocurrencies.
As for Newsom, Carbone said, “I think it’s a great thing that he’s been forced to be somewhat neutral when it comes to cryptocurrency, if not somewhat pessimistic, then at least somewhat optimistic about Web3 generally and innovation.”
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.
