The world of PolitiFi meme coins experienced major volatility following speculation that President Joe Biden might not secure the Democratic Party nomination for the 2024 Presidential election. The surge in activity came in the wake of Biden’s widely criticized debate performance.
PolitiFi Meme Coins React to Biden’s Debate
Data from CoinGecko indicated that the Solana-based token Gabin Noosum (NOOSUM), a misspelling of California Governor Gavin Newsom’s name, saw a significant increase from $0.003 to $0.0051 early Tuesday before losing most of its gains by Wednesday morning. Meanwhile, the Kamala Harris (KAMA) token experienced an extraordinary 344% surge in the past 24 hours, rising to $0.015. This spike is driven by speculation that Vice President Kamala Harris might become the Democratic front runner.
Conversely, the Jeo Boden (BODEN) meme coin plummeted 73% over the past seven days. Kamala Harris has officially surpassed Biden in prediction markets for the Democratic nomination. However, $KAMA still needs another 100% increase to surpass $BODEN’s market cap, making it either a risky or highly opportunistic investment, as noted by market analyst Luke Martin.
Speculation Over Biden’s Potential Replacement
The conversation surrounding a potential replacement for President Biden gained momentum last Thursday following what many political commentators deemed a subpar debate performance against former President Donald Trump. Some Democratic party members have since urged Biden to step down, citing concerns about his cognitive abilities and capacity to effectively serve another term.
Polymarket’s Election Odds: A Shift Toward Harris
Reflecting the shift in sentiment, crypto bettors on Polymarket are increasingly predicting that a Democrat other than Biden is more likely to win the election. On Wednesday, Harris overtook Biden as the most likely candidate to secure the Democratic nomination, leading with 49% odds compared to Biden’s 38%. Furthermore, Harris also surpassed Biden as the more likely candidate to win the Presidential election, with 19% odds to Biden’s 8%. Currently, Trump leads with a 63% chance to win, according to Polymarket data.
As of July 3, Five Thirty-Eight’s data shows Trump leading with 41.9% of the vote compared to Biden’s 39.8%. Trump has garnered notable support within the crypto industry due to his stance on protecting Bitcoin holders from legal challenges faced under the Biden administration.
Crypto Industry Support for Trump
Recently, Kraken co-founder Jesse Powell donated $1 million to Trump’s campaign, emphasizing the need for clear regulations in the crypto space. Similarly, Gemini co-founders Cameron and Tyler Winklevoss each contributed $1 million to Trump. However, billionaire Mark Cuban, despite his defense of crypto, remains opposed to a Trump presidency. Cuban expressed openness to discussions about replacing Biden or Harris, suggesting that a new candidate could potentially outperform Trump.
This surge in meme coin activity and political speculation highlights the intersection of cryptocurrency and politics, reflecting broader market sentiments and investor reactions to potential changes in the Democratic Party’s 2024 election strategy.
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