Biden Exit Shakes Up Meme Coin Market

President Joe Biden's decision to withdraw from the 2024 presidential race and endorse Vice President Kamala Harris has caused volatility in the cryptocurrency market, particularly among meme coins. The Biden-themed Jeo Boden (BODEN) coin plummeted by over 50%, while the Kamala Horris (KAMA) coin surged by nearly 100%, reaching an all-time high before stabilizing. The announcement also led to increased activity on prediction markets like Polymarket, where traders have placed millions of dollars in bets on political outcomes. Trump-themed coins experienced mixed reactions, with some gaining value and others declining. Market analysts warn of the inherent risks associated with meme coins, emphasizing the need for due diligence.