In the aftermath of the assassination attempt on former President Donald Trump at a campaign rally in Pennsylvania, the meme coins parodying President Joe Biden and Vice President Kamala Harris have experienced a significant price plummet. The Jeo Boden (BODEN) and Kamala Horris (KAMA) tokens, which play on the names of the political figures, saw their prices decline sharply following the news of the attack on Trump.
According to CoinGecko data, the BODEN token dropped by over 18% from its peak price, falling from around $0.12 to $0.03 as investors rushed to sell off their Biden-themed assets. This decline in price reflects the growing uncertainty surrounding Biden’s future as the Democratic nominee for the 2024 presidential election. Over the past 14 days, BODEN has plummeted by more than 35%, indicating a lack of confidence in Biden’s candidacy.
On the other hand, the KAMA meme coin, which surged in value after Biden’s lackluster debate performance, has seen a 27% dip in the past 24 hours and a 36% decline over the past week. The price of KAMA has been influenced by doubts about Biden’s re-election viability and the increasing chances of Kamala Harris becoming the Democratic nominee.
The PoliFi (political finance) sector has also seen a significant decline, with the CoinStats PoliFi index contracting by 11% in the last 24 hours. Traders and investors in the PoliFi space have shifted their focus to platforms like Polymarket, where the “Yes” shares in a contract asking if Biden will drop out of the race have topped 60%.
The volatility in the BODEN and KAMA tokens highlights the close correlation between political events and the performance of meme coins tied to specific candidates or political figures. As the election approaches, the price trajectory of these tokens is likely to continue reflecting the shifting political landscape. Investors and traders will be closely monitoring the developments in the political arena to gauge the future performance of these meme coins.