Memecoin frenzy intensifies as US election nears
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Impact of Biden's Withdrawal: Joe Biden's announcement to step down as the Democratic nominee for the 2024 election led to a significant drop in value for Biden-related memecoins, with some losing over 60% within hours, while simultaneously causing a liquidation of nearly $67 million in leveraged positions in the crypto market.
Surge in Kamala Harris Tokens: In contrast, tokens associated with Vice President Kamala Harris experienced a surge in value, rising by 62% amid speculation that she could replace Biden as the Democratic nominee, while Trump-themed memecoins also saw fluctuations related to recent political events.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
