Joe Biden's Exit from 2024 Race Triggers 60% Drop in "Jeo Boden" Crypto Token

The $BODEN token experienced a 60% decline following President Biden's withdrawal from the 2024 race, a move that surprised the financial and political sectors. Biden has endorsed Vice President Kamala Harris as his replacement, fueling speculation and uncertainty within the crypto market and Democratic campaign. Harris's policies will now face increased scrutiny as she emerges as the leading Democratic candidate.

The sudden announcement of President Joe Biden's withdrawal from the 2024 presidential race sent shockwaves through the financial and political sectors, leading to a 60% decline in the value of the $BODEN token. This decline can be attributed to the heightened uncertainty surrounding Vice President Kamala Harris's policies and her potential candidacy (1).

Biden's decision, which came as a surprise to many, fueled speculation and uncertainty within the crypto market. Consequently, the $BODEN token, a memecoin inspired by the president's name, experienced a significant decline. According to analysts, this decline could be due to the possibility of Harris's defeat in the November elections, which may not be as favorable for crypto overall (2).

Although Harris has not taken an official stance on cryptocurrencies or commented on the industry, her ties to the technology sector have led some to speculate on her potential policies. The growing role of crypto in elections has become increasingly apparent, with industry insiders betting on the outcome of the November vote to catapult Bitcoin to new heights (2).

In contrast, the Doland Tremp memecoin, which is based on former President Donald Trump's name, experienced a surge of 30% following Biden's announcement. Trump has emerged as a crypto-friendly candidate this year, and the SEC's crackdown on the industry has further solidified his stance.

Biden's withdrawal from the presidential race also comes on the back of a tumultuous presidential race filled with criminal convictions (1). As Harris emerges as the leading Democratic candidate, her policies will now face increased scrutiny, which could have implications for the crypto market and the broader economy.

References:

[1] "Now that Biden dropped out, what happens to his campaign funds?" Yahoo News, November 2, 2021. https://www.yahoo.com/news/now-that-biden-dropped-out-what-happens-to-his-campaign-funds-152819756.html

[2] "Biden withdrawal sends Bitcoin down as Harris memecoin jumps," Distributed Ledger, November 2, 2021. https://www.dlnews.com/articles/people-culture/biden-withdrawal-sends-bitcoin-down-as-harris-memecoin-jumps/