Memecoin frenzy intensifies as US election nears: The 2024 United States Presidential election has ignited a surge of memecoins associated with candidates from both sides of the political spectrum. https://yakihonne.s3.ap-east-1.amazonaws.com/953281df0361f1a7ff836841c2b978b8d606b035e7d07b8d148c72e50b4d78a7/files/1721654437369-YAKIHONNES3.jpg https://yakihonne.s3.ap-east-1.amazonaws.com/953281df0361f1a7ff836841c2b978b8d606b035e7d07b8d148c72e50b4d78a7/files/1721654450077-YAKIHONNES3.jpg
The recent announcement by President Joe Biden that he was stepping down as the Democratic Party nominee and withdrawing from the 2024 election caused a frenzy in the memecoin ecosystem associated with his persona. This news resulted in the liquidation of nearly $67 million of leveraged long positions from the crypto market within half an hour of the announcement, along with a small dip in the price of Bitcoin (BTC)
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