A slew of new PolitiFi meme coins are seeing major volatility on Wednesday around speculation that President Joe Biden might not secure the Democratic Party nomination for the 2024 Presidential election.
PolitiFi Meme Coins React to Biden’s Debate
Data from CoinGecko shows that the Solana-based Gabin Noosum (NOOSUM) token – a misspelling of California Governor Gavin Newsom’s name – climbed from $0.003 to $0.0051 early on Tuesday before retracting almost all of its gains by Wednesday morning.
Even more dramatically, the Kamala Harris (KAMA) token has experienced a 344% surge in the past 24 hours to $0.015 apiece, fueled by speculation that Vice President Kamala Harris could become the Democratic front runner in Biden’s place.
Conversely, the Jeo Boden (BODEN) meme coin plummeted 73% over the past seven days.
Kamala Harris has officially overtaken Biden in prediction markets for Democratic nominee.
But her memecoin $KAMA still needs another 100% gain to flip $BODEN market cap.
This is either the dumbest trade or the easiest 2x in crypto.
Or both. pic.twitter.com/Eu6bjhJ0YK
— Luke Martin (@VentureCoinist) July 3, 2024
The conversation surrounding a potential replacement for President Biden as the nominee gained momentum last Thursday.
This followed what many political commentators considered a lackluster Presidential debate performance from Biden against former President Donald Trump.
In the aftermath, some Democratic party members have urged Biden to step down from the race, citing concerns about his mental acuity and ability to effectively serve another presidential term.
Polymarket’s Election Odds: Crypto Bettors Favor Trump, But Harris Gains Ground
Reflecting this shift in sentiment, crypto bettors on Polymarket are increasingly predicting that a Democrat other than Biden is more likely to win the election than Trump.
Kamala Harris is now the favorite to win the Democratic Nomination. pic.twitter.com/zvdh8VS7RT
— Polymarket (@Polymarket) July 3, 2024
On Wednesday, Harris overtook Biden as the most likely candidate to win the Democrat nomination, leading with 49% odds over Biden’s 38%.
Additionally, Harris overtook Biden as a more likely candidate to win the Presidential election, with 19% odds to Biden’s mere 8%.
According to data from Polymarket, Trump currently holds the lead with a 63% chance to win the election.
These polls reflect a trend observed since the debate, with Trump consistently emerging as the more popular candidate nationwide.
As of July 3, data from Five Thirty-Eight shows Trump leading with 41.9% of the vote to Biden’s 39.8%.
Trump has gained notable support within the crypto industry due to his promise of protecting Bitcoin holders from the legal challenges they have faced under the Biden administration.
I just personally donated $1m (mostly #ETH) to @realDonaldTrump.
For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler and others. Despite overwhelming bipartisan Congressional efforts to put clear rules in place, the Biden White House has… pic.twitter.com/Ksxf3P2oCb
— Jesse Powell (@jespow) June 28, 2024
Last week, Kraken co-founder Jesse Powell said he donated $1 million to Trump’s presidential campaign.
Cameron and Tyler Winklevoss – each of whom co-founded the Gemini crypto exchange – also donated $1 million each to Trump.
In contrast, billionaire Mark Cuban – who has staunchly defended crypto from regulatory attacks in the past – remains opposed to a Trump presidency.
“I’m also open to the discussion to replace Biden and/or Harris,” Cuban tweeted on Friday. “It could be an open door to find someone that immediately outperforms Trump.”
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