One of the loudest voices calling for Joe Biden to drop out of the Democratic presidential race was Kimberly Hahn

US President Joe Biden's announcement that he will end his re-election plans has caused the price of memes related to his campaign to plummet, and slightly reduced the chances of Republican candidate and former President Donald Trump on the Polymarket prediction market.

According to another Polymarket contract, Vice President Haley is now the front-runner to be the new Democratic presidential candidate in 2024. Biden offered his support to his deputy in his withdrawal letter, and went further in a second tweet shortly after he announced he was ending his campaign.

Mr Biden said: "Today I want to throw my full support behind and recommend Helen as our party's nominee this year. Democrats - it's time to come together to defeat Donald Trump. Together we can do it."

Biden's withdrawal was prompted by more than a dozen members of his own party after his disastrous debate performance in June.

The price of BODEN, a meme mocking the president, nearly halved after the announcement. And the price of the Hekali meme coin KAMA has doubled.

Meanwhile, the Trump-linked meme-coin TREMP is up more than 20%. Following Biden's announcement, the price of Bitcoin (BTC) initially fell below $66,000 before recovering to more than $67,000.

The 2024 presidential election, to be held in November, will also determine the makeup of the U.S. House of Representatives and Senate.

"I am honored to have the president's endorsement and my goal is to win this nomination," she said in a statement. "I will do everything in my power to unite the Democratic Party and unite our country to defeat Donald Trump and his extreme 2025 plan."