Key Insights
- Memecoins inspired by potential Biden replacements surge while ‘Biden’ coin drops
- Speculation grows about Biden’s political future following recent debate performance
- Standard Chartered analyst predicts $100,000 Bitcoin price by election day if Biden stays in race
WASHINGTON (MarketsXplora) – Memecoins inspired by potential Democratic presidential nominees have seen significant price movements in the past 24 hours, reflecting growing speculation about President Joe Biden’s political future following his recent debate performance against Republican challenger Donald Trump.
According to data from CoinGecko, tokens such as “Gabin Noosum” (NOOSUM) and “Kamala Horris” (KAMA), misspelled references to California Governor Gavin Newsom and Vice President Kamala Harris, have surged 15% and 250% respectively.
Meanwhile, a coin dubbed “Ruburt F Kenidy Jr” (KENIDY), alluding to independent candidate Robert F. Kennedy Jr., gained 10%.
‘Biden’ coin drops
Conversely, the “Jeo Boden” memecoin, a play on Joe Biden’s name, has plummeted over 30% in the same period.
These price movements come as Democrats grapple with concerns over Biden’s age and debate performance, leading to calls for the 81-year-old president to withdraw from the race. Potential replacements being discussed include Harris, Newsom, Michigan Governor Gretchen Whitmer, and Transportation Secretary Pete Buttigieg, among others.
Biden faces an August 4 deadline, set by Ohio law, to decide whether to remain on the ballot.
In a related development, Standard Chartered Bank’s head of forex and digital assets research, Geoffrey Kendrick, predicted bitcoin could reach $100,000 by the U.S. election day in November. However, this forecast assumes Biden stays in the race, a scenario Kendrick believes markets see as favoring a Trump victory.
“The logic here is that both regulation and mining would be looked at more favorably under Trump,” Kendrick told MarketsXplora, noting a positive correlation between Trump’s electoral odds and bitcoin’s price.
Kendrick also projected a new all-time high for bitcoin in August, preceding the potential $100,000 mark in November.
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