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.

What Happened: This major development injected fresh volatility in coins themed on former President Trump, who is viewed as a pro-cryptocurrency candidate by some.

Maga Coin, rooted in Trump's "Make America Great Again" movement, plunged 8% in the last 24 hours. The Ethereum (CRYTO: ETH)-based token's trading volume soared 140% to $19 million in the last 24 hours, signaling frantic sell-offs.

The negative reaction could have to do with Biden's departure. Cryptocurrency bettors have been betting against Biden for quite some time, and even before the formal announcement, the odds of him pulling out of the race were surging on Polymarket.

On the other hand, a Solana (CRYPTO: SOL)-based memecoin, Donald Trump, jumped 53% in the last 24 hours, with volumes swelling up by 265%.

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.