Trump Meme Coins Rise as Biden Bows Out of 2024 US Presidential Race

Meme coins based on former President Donald Trump surged in price on Sunday after President Joe Biden announced he was ending his reelection campaign and dropping out of the presidential race this year.

Political rivals in this election cycle continue to draw interest from bettors on blockchain betting site Polymarket, and meme coins have also seen renewed interest.

Trump meme coins based on Solana, Doland Tremp (Tremp) and TrumpCoin (DJT), rose more than 10.5% and 6.5% a day after Biden announced his candidacy for president on X.

Ethereum-based meme coin Maga Hat (MAGA) also surged more than 7%, according to CoinGecko.

Both Tremp and DJT soared to their highest since the attempted assassination of Trump at a rally in Pennsylvania on July 13, with the former rising to $0.54 and the latter hitting $0.008.

“It has been my greatest honor in my life to serve as your President,” Biden wrote in his address. “I believe it is in the best interests of my party and country that I step down and focus solely on discharging my duties as President for the remainder of my term.”

The price of Jeo Boden (BODEN), a Solana-inspired meme coin inspired by President Biden, plunged 58% to a record low as traders sought to sell quickly following the announcement.

Biden officially endorsed Vice President Kamala Harris as the Democratic presidential nominee on Twitter.

The Solana-based Kamala Horris (KAMA) meme coin soared on the news, jumping more than 100% to hit a new all-time high just above $0.02, according to data.

It ended weeks of speculation that Biden would drop out of the election amid mounting pressure from his party, including Senate Majority Leader Chuck Schumer and former House Speaker Nancy Pelosi, over concerns about his health and age.

While investor interest in meme coins has continued to grow in recent months, it’s “too early” to talk about a resurgence in the sector, wrote David Lowant, head of research at FalconX, in a recent note to investors.

“It’s too early to definitively call altcoins a comeback, as BTC and ETH have many significant factors that could impact them in the coming months. But it might be wise to start looking beyond the major cryptocurrencies.”