Memecoins inspired by potential Joe Biden replacements rally after he catches COVID-19

The Block2024/07/18 09:37

By:Brian McGleenon

Memecoins inspired by potential replacements for Joe Biden as the Democrat’s presidential nominee have surged in the past 24 hours, after an announcement that he has caught COVID-19.In contrast, memecoins inspired by former U.S. president Donald Trump have ticked lower in the past day.

After incumbent U.S. president Joe Biden mentioned he would drop out of the 2024 race if diagnosed with a medical condition, on Wednesday it was announced that he has tested positive for COVID-19.

Polymarket currently forecasts a 63% chance of Biden dropping out after his diagnosis. In the past 24 hours, memecoins inspired by potential Biden successors, such as the misspelled Gabin Noosum (ticker: NOOSUM) and Kamala Horris (ticker: KAMA), have rallied over 209% and 100%, respectively.

In contrast to the rally of Biden replacement memecoins, PolitiFi category memecoins inspired by Donald Trump have fallen. MAGA (ticker: TRUMP) and the misspelled "Doland Tremp" memecoin (ticker: TREMP) have fallen over 6% and 15% respectively in the past day, according to Coingecko data.

Joe Biden catches covid

U.S. president Joe Biden faces renewed scrutiny over his candidacy in the upcoming November election, as his campaign events are currently on hold due to a COVID-19 infection.

In an announcement on Wednesday regarding his COVID-19 diagnosis, it was explained that the 81-year-old was experiencing only mild symptoms. The announcement stated that he would quarantine at his residence in Delaware while performing "all of his responsibilities completely," according to White House press secretary Karine Jean-Pierre.

According to CNN, Nancy Pelosi, the former House Speaker, has reportedly informed Biden in private that he cannot defeat Donald Trump in the November election. Biden's re-election bid was already on shaky ground following his concerning debate performance against Donald Trump last month.

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