Following the recent incident involving an assassination attempt on former President Donald Trump, meme coins inspired by President Joe Biden and Vice President Kamala Harris experienced a significant drop in prices. The BODEN and KAMA tokens, which playfully mimic the names of the current administration officials, took a hit in the market as investors reacted to the news.
BODEN, which saw a peak price before the incident, tumbled by over 18% as investors quickly sold off their holdings in response to the shooting. The token’s price fell from $0.12 to $0.03, according to data from CoinGecko. This sharp decline in value reflects the uncertainty surrounding Biden’s future as the Democratic nominee for the upcoming presidential election in 2024.
In addition to the drop in meme coin prices, the PoliFi sector as a whole experienced a decline, with the CoinStats PoliFi index shrinking by 11% within a 24-hour period. This market downturn coincides with the upcoming elections in the United States, leading traders and investors to shift their focus to platforms like Polymarket.
Meanwhile, the KAMA meme coin, which gained popularity after Biden’s underwhelming debate performance, also saw a decrease in value. The coin dipped by 27% in the past 24 hours and 36% over the last week. This decline in KAMA’s price is attributed to doubts surrounding Biden’s re-election prospects and the potential rise of Kamala Harris as the Democratic nominee.
As attention now turns to the TRUMP token, which has a larger market capitalization and higher trading volume compared to KAMA, the volatility in meme coin prices underscores the influence of political events on the cryptocurrency market. With the election drawing near, the prices of these tokens are expected to continue fluctuating in response to the evolving political landscape.
Overall, the recent price drops in BODEN and KAMA highlight the interconnectedness between political developments and the performance of meme coins linked to specific candidates or political figures. Investors and traders will likely keep a close eye on these tokens as the election date approaches, anticipating further market reactions to political events.