BODEN Sinks 38% As Biden Candidacy Is Questioned

One of Joe Biden’s allies says the president is questioning whether to abandon his 2024 re-election hopes after a poor debate performance last week, according to a report in The New York Times on Wednesday.

Hours later, Biden told supporters on a campaign call that he’s not leaving. “I am running…no one’s pushing me out,” he said. “I’m in this race to the end and we’re going to win.”

The political drama has sparked even more volatility in political meme coins. Following the Times report, the Biden-inspired Jeo Boden (BODEN) token had collapsed 38% within 24 hours, and 72% on the week, according to CoinGecko. The token then rebounded by more than 25% within an hour of Biden's proclamation that he wouldn't drop out.

By comparison, his opponent’s equivalent meme coin Dolend Tremp (TREMP) is down by a less severe 13.8% on the day, and 44% on the week.

The market caps for BODEN and TREMP are now $28 million and $48 million respectively.

During his first 2024 showdown with Donald Trump on Thursday, Biden repeatedly stumbled over his words and appeared unfocused. Polls widely showed that viewers thought Trump was the debate’s victor. One Democratic congressman has already asked Biden to forfeit his party’s nomination in the aftermath.

With national polls now leaning against Biden and internal party confidence dropping, crypto bettors are now confident that Vice President Kamala Harris will replace Biden as the Democratic Party nominee. As of Wednesday, Polymarket odds have Biden’s election win odds at 11%, Harris’s at 17%, and Trump’s at 61%.

Meanwhile, a separate Solana-based meme token—Kamala Horris (KAMA)—has exploded around the speculation, rising 61% over the past 24 hours, and 559% over the past week.

Trump has emerged as the favorable pick presidential pick among multiple crypto industry leaders this election cycle, including Kraken co-founder Jesse Powell and Gemini co-founders Cameron and Tyler Winklevoss.

Edited by Ryan Ozawa.