Biden Officially Quits Presidential Race As Trump Supporters Celebrate
The U.S. political scene recently underwent seismic changes as President Joe Biden announced that he will no longer be competing in the 2024 election, conceding to his long-time rival Donald Trump. This significant development introduced new volatility into cryptocurrencies associated with Trump, who is seen favorably by some in the crypto community.
Selling Activity Spikes
MAGA Coin, linked to the Make America Great Again movement which was introduced by Trump years ago, experienced an 8% decline over the past 24 hours. Trading volume for this Ethereum-based token surged by 140%, reflecting intense selling activity. Meanwhile, a meme coin named after the former President, based on Solana, surged by 53% in the same period, accompanied by a 265% increase in trading volume.
The negative market response may stem due to Biden exiting the race, but it is worth noting that crypto speculators have been betting against Biden for a while, with odds of his withdrawal soaring on platforms like Polymarket even before the formal announcement.
Trump Continues To Gain Momentum
Trump-themed cryptocurrencies have seen strong rallies this year, buoyed by his supportive stance on the U.S. cryptocurrency industry. His advocacy has resonated with crypto enthusiasts, whether through promises to make the U.S. a crypto-friendly destination, his portrayal as a crypto president, or his acceptance of crypto donations.
With odds favoring Trump and his electoral prospects standing at 65% on Polymarket, the cryptocurrency market remains bullish on his potential return to office. The 2024 United States Presidential Election will be held on Tuesday, November 5th, later this year. Voters will elect a President and Vice President for a term of four years.
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