Photo credit: Al Drago/Bloomberg

United States President Joe Biden has dropped out of the upcoming presidential elections, inducing some significant volatility in meme coins linked to American politicians.

Meme coins related to the Biden family, namely Jeo Boden (BODEN), Jill Boden (JILLBODEN), Hunter Boden (HUNTBODEN), and Hunter Biden’s laptop (LAPTOP) tanked to new lows immediately after the current US president announced that he won’t be seeking reelection.

The BODEN token slid 62% in under two hours, wiping out nearly $10 billion of its market capitalization, which stood at over $16.2 before the announcement, data from CoinGecko shows.

The meme coins tied to Joe Biden’s wife, Jill, and son, Hunter, were significantly affected, with JILLBODEN and LAPTOP slumping nearly 69% and 62%, respectively. Meanwhile, HUNTBODEN is down 31.6% over the last 24 hours at the time of writing, per CoinGecko.

Harris, Trump meme coins see upticks

Following Biden’s disclosure, Kamala Horris (KAMA) — a Solana meme token — increased 133% as observers speculated that Vice President Kamala Harris would replace the incumbent US president as the Democratic nominee arose.

At the time of writing, KAMA is up 60.5% in the past 24 hours, per CoinGecko.

Meanwhile, Trump-themed meme coins Doland Tremp (TREMP) and Trump Coin (DJT) rose 10.5% and 6.5%, respectively, shortly after Biden made his announcement. MAGA hat also increased by over 11% on the news. On the other hand, MAGA (TRUMP) failed to rally, falling 8.8%.