Maga Coin Plunges 8% as Incumbent Joe Biden Drops Out of 2024 Presidential Contest

The U.S. political landscape saw tectonic shifts as incumbent Joe Biden dropped out of the 2024 presidential contest against his arch-rival Donald Trump.

Incumbent Joe Biden has dropped out of the 2024 presidential contest against his arch-rival Donald Trump. This major development is bound to have an impact on the U.S. political landscape and could also influence the price of Trump-themed coins, which have soared this year amid speculation that the former president is a pro-cryptocurrency candidate.

What Happened: Maga Coin, which is rooted in Trump's "Make America Great Again" movement, plunged 8% in the last 24 hours. However, the Ethereum ETH-based token saw its trading volume soar by 140% to $19 million in the last 24 hours, indicating frantic sell-offs.

The negative reaction to Biden's departure could be linked to the fact that cryptocurrency bettors have been betting against the president for quite some time. Even before the formal announcement, the odds of Biden pulling out of the race were surging on Polymarket.

On the other hand, a Solana SOL/USD-based memecoin, called Donald Trump, jumped 53% in the last 24 hours, with volumes swelling up by 265%.

See Also: Analyst Predicts Bitcoin To Soar By 83%, But There’s One Major Catch: ‘We’re Going To Get That Continuation As Long As …’

Why It Matters: Trump-themed coins have rallied sharply this year, bolstered by his support for the cryptocurrency industry in the U.S.

His positive campaigning has helped garner support among proponents of the asset class, whether it be through his guarantees that the U.S. will become a crypto-friendly travel destination, his positioning as a “crypto president,” or his acceptance of political donations in cryptocurrencies.

The odds of Trump winning the elections were still overwhelmingly high at 65% on Polymarket, indicating the cryptocurrency market’s bullish bias.

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