UPDATED: July 21, 2024, 2:37PM EDT
U.S. President Joe Biden will not seek reelection in the upcoming 2024 U.S. Presidential Election.
Biden said he believed stepping down was in the interests of the party and the country, according to a statement on Sunday. Biden offered his “full support and endorsement” for Vice President Kamala Harris to replace him as the Democratic Party's nominee in the race in a follow-up post on X.
Biden had been facing increasing pressure to bow out over the last few weeks, with multiple current senators calling on him to step out of the race and even former President Barack Obama reportedly suggesting he do so.
Following the news, the memecoin Jeo Boden dropped by 44%. At the same time, tokens for other possible contenders saw notable gains. In particular, a memecoin called Kamala Horris rose 52% while the memecoin Gabin Noosum jumped 115%.
Tokens named after Republican Presidential candidate Donald Trump saw gains in light of his contender dropping out. Doland Tremp was the main memecoin affected, gaining 24% since the story broke.
Over on the prediction market Polymarket, the odds for Biden to win the election have unsurprisingly dropped to below 1%, while Kamala Harris now stands at 26%. Trump remains around the same at 63%.
This is a developing story.
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Tim is the Editor-In-Chief of The Block. Prior to joining The Block, Tim was a news editor at Decrypt. He has earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.