The Boden memecoin, a cryptocurrency token tied to the performance of US President Joe Biden, has crashed after his widely panned showing in the first presidential debate against Donald Trump. The token, which is a play on Biden's name mixed with Daffy Duck, plunged over 32% to around $0.08 following the debate.
Biden's debate performance was widely criticized as substandard, with the president seeming winded, rushing through facts with jumbled speech, and even speaking incoherently at times. Apparently battling a cold, he fumbled otherwise strong points, falling short of expectations. One observer commented that the debate "was the kill shot" for Biden.
The Boden token's price drop is seen as an amusing reaction by some, as the token is actually community-driven and mocks Biden and his meme-worthy actions, especially focused on the 2024 election. Trump himself had previously ridiculed the token upon learning it had reached a $240 million market cap, saying "That's a lot of money for a coin, I don't like that investment."
Trump-Themed Tokens Also Decline
Other political finance (PoliFi) meme tokens are also taking a hit in the run-up to the November election, with several down nearly 95% from their peak prices. TRUMP, the largest Trump PoliFi token, is down 10% on the day and 34% in the last week. TREMP, the counterpart to Boden, has also fallen double digits, nearly 10% in the last 24 hours and 37% over the week.
The "YES" side of a Polymarket contract asking if Biden will drop out of the race topped 60% by Wednesday afternoon Asia time, as most PoliFi memecoins are in the red and the overall PoliFi sector has contracted by 11% in the last 24 hours. However, trading volumes on Polymarket have increased, suggesting political bettors have moved to the platform.
Pressure Mounts on Biden to Withdraw
Biden's poor debate performance has fueled concerns about his age and capability for office, with voters, media outlets, and even some Democratic lawmakers pressuring him to drop out. A recent New York Times/Siena College poll shows three-quarters of voters think Biden is too old for the job, a five percentage point increase since the debate.
A CNN poll found that three-quarters of U.S. voters believe Democrats would have a better shot at winning with someone other than Biden as the nominee. Nearly half of Democratic voters in a CBS News poll think he shouldn't be the party's nominee. Gamblers on Polymarket have put Biden's odds of dropping out at 64%, up from 19% before the debate.
Despite the pressure, Biden has vowed to continue his campaign, saying "No one's pushing me out. I'm not leaving. I'm in this race to the end." However, with his poor debate performance fueling a crash in the Boden memecoin and growing doubts about his ability to beat Trump, the president may face an uphill battle to salvage his candidacy.
Latest comments (1)
That is hilarious