PolitiFi meme coins display high volatility following speculations surrounding potential Democrat nominee

PolitiFi meme coins based on President Biden experienced heavy decline in the past few days. Meanwhile, tokens based on Vice President Kamala Harris rallied as she gained support to replace Biden in the presidential elections.

Meme tokens KAMA and OBEMA surge as Democrats await new presidential nominee

PolitiFi meme coins have been in murky waters following President Joe Biden's withdrawal from the upcoming presidential elections in November. The president stepped down from the race on Sunday, leaving the party without a presidential candidate.

Biden's withdrawal has impacted several meme coins modeled after the current president. These tokens began to experience heavy declines, with the most popular being  BODEN, JILL BODEN, and HUNTBODEN. These three tokens have dropped 16%, 72% and 15% respectively in the last 24 hours.

The massive selling pressure on Biden-themed meme tokens has sent a wave of setbacks across the political meme coin market, especially among Democrat-based coins. Many tokens themed after democratic party members have declined over the past 24 hours. These include the MAJOR token, based on Biden's dog, and NOOSUM, based on California governor Gavin Newsom, which are experiencing declines of 27% and 36%, respectively.

Meanwhile, meme tokens based on Vice President Kamala Harris have shot up in the last 24 hours. The KAMALA HORRIS token is currently up 29%, stretching its weekly gains to 595%. This follows speculations that Vice President Kamala Harris may be the favorite to replace Joe Biden in the upcoming elections, as she is allegedly already gathering support from party members.

However, a handful of political figures have stirred further speculation about former First Lady Michelle Obama's potential presidential run.

With the news of her entry flying around, the OBEMA token based on Barack Obama skyrocketed 196% in the past week. This also follows a statement by Republican Senator Kelvin Cramer in New York Magazine stating that "Michelle Obama would probably be the one person that could step in and keep the party united."

The current mix of sentiment across the PolitiFi meme coin market is a common occurrence. These tokens often signify the sentiment of crypto investors towards political candidates.