US President Joe Biden has stepped down from the 2024 presidential race. Biden has endorsed his vice president, Kamala Harris, to step in and go head-to-head with the Republican presidential nominee, Donald Trump.
Although Biden did not mention the reasons behind his decision, he stated in a release, “While it is my intention to seek re-election, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term.”
Less than a week ago, Biden tested positive for COVID-19 and temporarily halted his campaign. This occurred as Biden’s presidential nomination is viewed unfavorably by the Democratic party and its voter base. Biden’s old age and apparent declining mental faculties have put his place as the leader of the free world in question.
His anti-crypto stance has also affected innovation in the ecosystem and rubbed the community the wrong way. The Gary Gensler-led Securities and Exchange Commission, under Biden’s leadership, has evoked numerous hardships for the industry. Moreover, Biden controversially overturned a decision by US lawmakers to repeal the SAB (Staff Accounting Bulletin)-121, a decision that looks to hinder institutional adoption of the asset class.
Regardless, tokens themed after Biden and his family, including his wife Jill and son Hunter, dropped drastically in price with the drop-out announcement. The Jeo Boden (BODEN) token dropped significantly, registering 62% losses within two hours of Biden exiting the presidential race. Around $10 million was wiped from the BODEN’s market cap, which stood at $16 million before the development.
The Jill Boden (JILLBODEN) token dropped by 68.5% in that same period, and the Hunter Biden’s Laptop (LAPTOP) token fell by 62%. Both these tokens now possess market caps of less than $100,000. Kamala-related tokens surged in the meantime as she steps in for Biden.
