Political meme coins have reacted to President Joe Biden’s decision to end his re-election bid in the 2024 US presidential election and endorse Vice President Kamala Harris as the Democratic nominee.
Minutes after Biden’s announcement, the cryptocurrency market for political meme coins saw significant volatility.
Kamala Horris Coin is up 110.4%, trading at $0.02403, with a market cap reflecting its fully diluted value of $23,921,482. The performance of the coin highlights investors’ growing confidence in Harris’ political future.
Polymarket data
according to Data On the Polymarket prediction site, Harris has a whopping 79% chance of winning the nomination, as evidenced by a staggering $18,908,527 bet on her winning.
Other potential candidates are far behind, with Michelle Obama at 4% chance ($19,302,020 bet), Gavin Newsom at 2% ($15,979,985 bet), and Hillary Clinton also at 5% ($18,455,915 bet).
see below.
Despite his withdrawal, Biden still has a residual presence of less than 1%, supported by $43,852,015 in bets.
The presidential election predictions also paint a compelling picture. Republican candidate, former President Donald Trump, is currently the favorite to win the presidency, with a 65% chance of winning with $38,199,991 bet in his favor.
Harris comes in second with 31%, which is indicated by his $20,334,256 in bets.
Other Democratic candidates, such as Newsom, Clinton and Michelle Obama, have a slim chance of winning, at 2%.
Political figures react to Biden news
Gabin Noosum (NOOSUM) has dropped by 72.1% and is now worth $0.000296.
Jeo Boden (BODEN) also saw a significant drop, falling 55.1% to $0.0106. These declines indicate a shift in market sentiment away from these numbers as the political landscape shifts.
As the Democratic primaries heat up and the general election looms, all eyes are on Kamala Harris as she makes her way to becoming the next president of the United States.
The interplay between political developments and the volatile world of meme coins underscores the unique and unpredictable nature of the 2024 election cycle.