Memecoins inspired by politicians who could potentially replace Joe Biden as the Democrat's presidential nominee in the nation's electoral race have posted notable gains in the past 24 hours.
PolitiFi category memecoins, such as the misspelled “Gabin Noosum” (ticker: NOOSUM) and “Kamala Horris” (ticker: KAMA), have rallied 15% and 250%, respectively, in the past 24 hours, according to CoinGecko data.
Additionally, a memecoin inspired by independent presidential candidate Robert F. Kennedy Jr., the misspelled “Ruburt F Kenidy Jr” (ticker: KENIDY), has gained 10% in the same period.
In contrast to the increase in value of memecoins inspired by Biden's potential replacements, the misspelled “Jeo Boden” memecoin (ticker: ) has fallen over 30% in the past day.
Biden urged to step out of presidential race
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President Joe Biden's performance in last week's televised debate against Republican challenger Donald Trump has sparked calls for the 81-year-old to withdraw from his reelection bid. This has led to several names being suggested as potential replacements to face Trump in November. Biden has until August 4 to decide whether to remain in the race, as this is the deadline set by Ohio law for presidential candidates to be registered.
Possible replacements for Biden include Vice President Kamala Harris, Michigan Governor Gretchen Whitmer, California Governor Gavin Newsom, Secretary of Transportation Pete Buttigieg, Senator Cory Booker, Illinois Governor J.B. Pritzker and Senator Amy Klobuchar.
Newsom, in particular, has frequently been floated as a replacement, while Buttigieg, a former 2020 presidential candidate, and Booker, who ran against Biden in 2019, are also considered viable options.
Trump win would see bitcoin hit $100,000, says Standard Chartered
According to Standard Chartered Bank's head of forex and digital assets research, Geoffrey Kendrick, bitcoin‘s price could increase to $100,000 by the time of the U.S. presidential election in November. In a note on Tuesday, Kendrick forecast “a fresh all-time for bitcoin in August is likely, then $100,000 by U.S. election day.”
However, Kendrick's prediction hinges on Joe Biden remaining in the U.S. presidential election race — a scenario the market perceives as favoring a Donald Trump victory.
The Standard Chartered analyst views Trump as “bitcoin-positive,” and indicated there is a positive correlation between the former president's electoral odds and the price of bitcoin. “The logic here is that both regulation and mining would be looked at more favourably under Trump,” Kendrick said.