Rising Biden Departure Rumors Trigger Unexpected Impact on Crypto Market

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In the frenzy of American political and financial circles, recent speculation has fueled the rumors of President Joe Biden possibly stepping back from his run for the Presidency. This conjecture has correspondingly led to an explosion of attention revolving around the nascent Kamala Horris (KAMA) meme coin.

The whispers of a potential shift in leadership of the nation have initiated intense interest, both in the realm of politics and across the burgeoning cryptocurrency industry. A handful of trusted insiders – seven to be precise, originating from the Biden campaign, the existing White House occupancy, and the Democratic National Committee – have been in consultations about the potential for Vice President Kamala Harris to step into President Biden’s shoes. Should he decide against reelection, Harris, already enjoying widespread recognition and positive reviews among Democrats, could well take up the baton.

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Amid the melee of speculation and conjecture, the cryptocurrency market has not been sitting idle. Crypto traders, operating on the forecast-driven Polymarket platform, have witnessed significant odds shifts in favor of Harris ascending to the coveted nominee status. Bets for a ‘yes’ to Harris’ nomination saw an increase to the 43% mark, nipping closely at Biden’s heels, who odds suggest has a 45% chance to persistently race to stay in the Oval Office.

Amidst this political fervor, the world of meme coins has been buzzing. As per data from CoinGecko, the KAMA meme coin associated with Kamala Horris has experienced a meteoric rise of over 174% in just a day, and an astonishing 1659% surge over a fortnight. With its trading price zenithing at $0.01561, the potential shift on the political horizon is mirrored by a surge in interest in the KAMA meme coin.

On the flip side, Doland Tremp (TREMP), a parody meme coin associated with former President Donald Trump, saw a steep decline of over 43% within a week, currently hovering at $0.4868. However, TREMP’s market cap, at a whopping $48 million, suggests a robust supremacy over other politico-meme coins in the crypto-domain.

Not to be left behind, Biden’s eponymous meme coin – Jeo Boden (BODEN) – also saw an uptick of over 22% within an hour, showcasing the frenetic activity among crypto investors. That being said, the past week has been unkind to BODEN, causing a 71% plunge in its price, currently trading at a meager $0.04533.

These remarkable events have serious indications for political arena as well as the cryptocurrency industry. Trump’s fondness for cryptocurrency and focus on innovation stand in stark contrast to the regulatory hurdles experienced under the Biden administration. The lack of coherent regulatory structure and ensuing enforcement actions by the US Securities and Exchange Commission (SEC) have raised ire of industry participants, alleging these actions could curb growth and ingenuity in the budding crypto-space.

However, Bitcoin (BTC), being the leading cryptocurrency continues to enjoy its sovereignty on market sentiments. In the last 24 hours, BTC saw a marginal decline of 3.4%, adjusting its current value to $60,220.