Rumours about U.S. President Joe Biden's death have led to a surge in political meme coins. These digital assets have quickly gained traction among cryptocurrency enthusiasts.
Two prominent coins, Biden Dead (BIDEAD) and Biden Done (BIDONE), were launched recently. BIDEAD reached a market cap of $660,000 shortly after its creation. BIDONE, featuring a cartoon of Biden’s skeleton, followed suit with a market cap of $567,000.
Pump.fun has become a hub for tokens related to these rumours. Seven out of the top ten tokens on this platform reference Biden's supposed death, while another celebrates his survival.
The rumours originated from a tweet by Global Press, claiming Biden was “unlikely to survive the night” after testing positive for COVID-19. This claim was countered by a community note on Twitter, citing a letter from Biden’s physician affirming his normal vitals. The Associated Press also reported that Biden’s symptoms had nearly resolved.
Despite being debunked, conspiracy theorists, including Alex Jones, have amplified these rumours. This has led to continued investment in related meme coins. For instance, BidenDeadAugust15 (BIDEAD) predicted Biden’s death at midnight on August 15. This token saw a significant price spike when Biden withdrew from the 2024 presidential race and again after the COVID-19 rumour, before plummeting 67% once the tweet was debunked.
Another coin, Jeo Boden (BODEN), a misspelled Biden meme coin on Solana, surged 148% in the past 24 hours, although it remains 98% below its all-time high from April.
The rapid rise and fall of these meme coins underscore the volatility and speculative risks associated with cryptocurrency trading, especially when based on unfounded rumours.
KAMA hit an all-time high of 2.4 cents in the minutes following President Joe Biden's announcement that he was dropping his re-election campaign. With a market cap of $24 million, KAMA is now nearly four times as large as the Biden-inspired coin BODEN, once the kingmaker crypto of so-called PolitiFi. BODEN fell by nearly 50% following Biden's announcement.
WenJunTrump and Biden are locked in a bitter battle over the future of cryptocurrency, with Trump slamming Biden's "total ignorance" on the issue. Meanwhile, Biden's administration is waging a relentless crackdown on crypto, with the SEC unleashing a wave of enforcement actions and fines. The crypto community is reeling from the onslaught, with many fearing the end of the DeFi dream?
ZoeyTrump's shift to support cryptocurrencies is reshaping political dynamics, potentially influencing the upcoming election and boosting the value of pro-Trump memecoins. Robert F. Kennedy Jr.'s pro-crypto stance offers an alternative vision, emphasising regulatory clarity and innovation in the industry's future.
AnaisTrump's reversal on Bitcoin, openness to crypto donations, and comments on meme tokens like BODEN and MAGA trigger optimism. BODEN surges 16.5% to $0.42, MAGA rises 35% to $5.7. Renewed interest in crypto community amid Trump's unexpected support.
Xu LinPoliFi, the fusion of meme coins and politics, sees tokens like Tremp and Boden surge in value on the Solana blockchain, reflecting a playful yet lucrative approach to political betting. With their irreverent charm and potential profitability, PoliFi meme coins offer investors a unique opportunity to engage with both crypto assets and political fervour.
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JinseFinance
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Cointelegraph