Solana and Ethereum-based meme coins inspired by former President Donald Trump saw significant gains on Sunday following President Joe Biden’s announcement that he would not seek re-election.
Meme Coins React to Political Shifts
The political landscape has once again sparked interest among crypto enthusiasts, particularly on blockchain betting platforms like Polymarket, leading to renewed attention on meme coins. Following Biden’s announcement on X, Solana-based Trump meme coins, Doland Tremp (Tremp) and TrumpCoin (DJT), surged by 10.5% and 6.5% respectively. Additionally, Ethereum-based Maga Hat (MAGA) climbed over 7%, according to CoinGecko data.
Both Tremp and DJT reached their highest values since the July 13 assassination attempt on Trump in Pennsylvania, with Tremp peaking at $0.54 and DJT at $0.008.
Biden’s Announcement and Market Reactions
President Biden shared his decision via a letter on X, stating, “It has been the greatest honor of my life to serve as your President. I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term.”
Following this, the Solana-based meme coin Jeo Boden (BODEN), inspired by Biden, plummeted by 58% to an all-time low as traders quickly offloaded their holdings.
My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best… pic.twitter.com/x8DnvuImJV
— Joe Biden (@JoeBiden) July 21, 2024
In another tweet, Biden endorsed Vice President Kamala Harris as the Democratic Party’s nominee. This led to a dramatic 100% increase in the Solana-based meme coin Kamala Horris (KAMA), which reached a new all-time high of just above $0.02.
Biden’s decision comes after weeks of speculation and mounting pressure from within his party, including figures like Senate Majority Leader Chuck Schumer and former House Speaker Nancy Pelosi, who expressed concerns over his health and age.
The Future of Meme Coins
While the recent political developments have fueled interest in meme coins, David Lawant, head of research at FalconX, advises caution. In a recent investor note, Lawant stated, “It is too early to definitively call for the return of alt season, as BTC and ETH have many significant drivers in the coming months. But it might be prudent to start looking beyond majors.”
The political dynamics and their impact on meme coin markets highlight the growing intersection between cryptocurrency and real-world events, indicating a volatile yet intriguing future for these digital assets.
