Joe Biden's decision to withdraw from the US presidential race had a major impact on the
cryptocurrency market, particularly
meme coins associated with him. The news caused substantial volatility, with some coins gaining in value and others plummeting.
KAMALA, a meme coin linked to Vice President Kamala Harris, reached an all-time high following the announcement, while Trump-themed
MAGA Coin saw an 8% drop. Meme coins typically rally or dip based on news events, trends or even internet memes, making their value incredibly volatile.
In parallel,
Bitcoin's price reacted sharply, skyrocketing past $68K. Traders have turned bullish as they anticipate a bull run in the wake of Biden's exit. Other meme coins related to Biden saw a dramatic tumble, such as
Boden and
'Joe Biden Is Dead' meme coins dropping severely.
As a result of this volatility, some traders lost a substantial portion of their investments. This shows the inherent risks associated with investing in highly volatile cryptocurrencies, especially meme coins.
Furthermore, there have been speculative rumors about Biden planning a
crypto coup. Although these leaks should be taken with a grain of salt, they've contributed to the market excitement and speculation.
JOE Coin News Analytics from Tue, 10 Oct 2023 07:00:00 GMT to Wed, 24 Jul 2024 18:54:44 GMT -
Rating 7
- Innovation -2
- Information 8
- Rumor -5
