Trump-Inspired Meme Coins rise after Biden's presidential retirement announcement

If anything was being questioned in the political aspect, it was the re-election candidacy of the current president of the United States, Joe Biden. There has been a growing concern about his health, although it has also been mentioned on more than one occasion that age is a fundamental factor for making decisions for an entire country.

Recently, President Biden made an announcement saying that he will not run for re-election and that his retirement will take place this year. He also added in a letter that his desire now is to finish his term in the best possible way, focusing on fulfilling the duties as president for the remainder of his presidency.

There may have been some pressure from his party, such as Senate Majority Leader Chuck Schumer, or former House Speaker Nancy Pelosi. In any case, there may be a particular candidate so that in the future, someone with the same ideas and vision will take office. In this case, Biden enthusiastically supports Kamala Harris, vice president who is running as the Democratic Party candidate, in a lineup determined to defeat Trump's candidacy.

As expected, this has had an impact on cryptocurrencies. Mainly on the memecoins, which have gained significant momentum in the last hours. One of them is the one referring to Donald Trump, and on the Solana network, we can find the memecoins Doland Tremp (Tremp) and TrumpCoin (DJT), which have risen by 10.5%, and another 6.5% after Biden's announcement. On the other hand, we also have those based on Ethereum, such as Maga Hat (MAGA), which has increased its value by more than 7%.

We must also mention the incident that Trump had last time, in which there was a dramatic assassination attempt. Trump was able to emerge victorious by raising his fist defiantly against the opposition, or at least against those who wanted him dead.

Since then, both coins (Tremp and DJT) have reached their highs, reaching $0.54 and $0.0008 respectively.

On the contrary, the memecoin named Jeo Boden (BODEN), which has obviously been inspired by President Joe Biden, had a substantial drop of 58%, reaching an all-time low. This memecoin circulates and is based on the Solana network. The president's announcement may have significantly changed the perspective on acquiring this memecoin, and many may want to get rid of it, although there will also be people who lean towards Trump as a much more hopeful scenario.

There is also the memecoin Kamala Horris (KAMA), also based on Solana, which has had a surprising increase of over 100% and managed to reach $0.02, marking a new all-time high.

This electoral cycle is influencing interest in betting, and sites like Polymarket, a blockchain betting place, are generating great interest along with memecoins. In both cases, it may be an opportunity for many who are much more attuned to politics, while for others it will only represent a moment of fun, which is what meme coins try to convey through pure speculation.