PolitiFi Meme Coins Surge Amid Speculation of Biden Replacement After Debate Performance
By Andrew Throuvalas
Updated: July 3, 2024, 12:46 EDT
A flurry of new PolitiFi meme coins are experiencing significant volatility on Wednesday due to speculation that President Joe Biden may not secure the Democratic Party nomination for the 2024 Presidential election.
PolitiFi Meme Coins React to Biden’s Debate
Data from CoinGecko reveals that the Solana-based Gabin Noosum (NOOSUM) token – intentionally misspelling California Governor Gavin Newsom’s name – rose from $0.003 to $0.0051 early on Tuesday before retracting most of its gains by Wednesday morning.
Even more remarkably, the Kamala Harris (KAMA) token has seen a surge of 344% in the past 24 hours, reaching $0.015 each. This surge is fueled by speculation that Vice President Kamala Harris could become the Democratic frontrunner in place of Biden.
In contrast, the Jeo Boden (BODEN) meme coin has plummeted 73% over the past week.
The discussion surrounding a potential replacement for President Biden as the nominee gained traction last Thursday. This followed what many political commentators deemed a lackluster Presidential debate performance by Biden against former President Donald Trump. As a result, some Democratic party members have urged Biden to step down from the race, citing concerns about his mental sharpness 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 compared to Trump.
As of Wednesday, Harris has surpassed Biden as the most probable candidate to win the Democratic nomination, leading with 49% odds compared to Biden’s 38%.
Furthermore, Harris has also surpassed Biden as the more likely candidate to win the Presidential election, with 19% odds compared to Biden’s mere 8%.
According to data from Polymarket, Trump currently holds the lead with a 63% chance of winning the election.
These polls indicate 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, compared to Biden’s 39.8%.
Trump has gained significant support within the crypto industry due to his promise to protect Bitcoin holders from the legal challenges they faced under the Biden administration. Last week, Kraken co-founder Jesse Powell announced that he donated $1 million to Trump’s presidential campaign. Additionally, Cameron and Tyler Winklevoss, co-founders of the Gemini crypto exchange, each donated $1 million 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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