According to XT.COM’s announcement, “$BIDEN token is a Memecoin run by the community making fun of Joe Biden and all his meme-worthy actions.”
Despite their differing stances on cryptocurrencies, memecoins inspired by Joe Biden and Donald Trump have increasingly become widespread in the crypto market ahead of the 2024 U.S. presidential election in November.
Notably, tokens such as $TRUMP and $BODEN, another token inspired by the U.S. President, have experienced notable price fluctuations in the past week.
The BIDEN memecoin and other tokens, including $LCR (Lucre Way), will be available for trading against USDT in what XT.COM tagged the “Innovation Zone”, which usually means the token has the potential for heightened price volatility.
The BIDEN/USDT trading pair will go live on May 20, 2024, at 06:30 (UTC), with deposits, trading, and withdrawals all commencing on the same date.
To celebrate this listing, XT.COM is offering 100 limited-time gift packages to users who fulfil specific requirements during a series of promotional events from May 20 to May 29, 2024. Participants must register to qualify for fee refunds and rewards based on the transaction fee brackets. All bonuses will be credited to users’ accounts within seven working days after the event concludes.
XT.COM also launched several new futures trading pairs, such as AEVOUSDT, TAOUSDT, and WUSDT, each offering leverage options from 1x to 50x. As part of this new futures trading opportunity, there is a zero-fee trading promotion. Participants will receive full refunds on their transaction fees, up to a maximum of 500 USDT.
However, the exchange also cautions users about the risks associated with trading newly listed tokens and advises users to fully understand the risks involved in digital asset trading and make informed decisions.
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The election changed its trajectory, and so did the token
BIDEN narrative was tied directly to a political moment that quickly passed. Joe Biden dropped out of the 2024 presidential race in July 2024 and endorsed Kamala Harris. Donald Trump ultimately won the November election.
That left the BIDEN memecoin without the same political catalyst that had helped generate attention around election-themed tokens. XT.COM was still promoting BIDEN alongside other election tokens in November 2024, including during an election-themed trading campaign.
BIDEN has lost almost all of its market value, and trading activity has almost disappeared
The token now tracked as Joe Biden (BIDEN) has a circulating supply of about 934.7 million tokens, according to CoinMarketCap. Its market performance has dropped dramatically from the speculation surrounding political memecoins in 2024.
The token originally listed by XT.COM uses the Ethereum contract ending in 996FE, while other similarly named Biden tokens have different contracts.
Current market trackers show extremely limited or nonexistent trading for the relevant Biden token. CoinMarketCap continues to list the token but provides only limited market information, while other similarly named BIDEN tokens have also seen trading activity collapse. XT.COM later faced security concerns with over $1.7 million tokens stolen and problem with withdrawal.
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