Political meme coins experienced notable fluctuations following President Joe Biden’s announcement to end his reelection bid for the 2024 U.S. presidential election and endorse Vice President Kamala Harris as the Democratic nominee.
Minutes after Biden’s announcement, the Kamala Horris meme coin surged by 110.4%, trading at $0.02403, with a market cap reflecting its fully diluted valuation of $23,921,482. This coin’s performance highlights growing investor confidence in Harris’s political future.
According to data on the prediction market website Polymarket, there’s a substantial 79% chance of Harris clinching the nomination, evidenced by a staggering $18,908,527 bet on her success. Other potential nominees trail significantly behind, with Michelle Obama garnering a 4% chance ($19,302,020 bet), Gavin Newsom at 2% ($15,979,985 bet), and Hillary Clinton at 5% ($18,455,915 bet). Biden, despite his withdrawal, still has a residual presence with less than a 1% chance, backed by $43,852,015 in bets.
The presidential election outlook also paints a compelling picture. The Republican nominee, Ex-President Donald Trump, is currently the favored candidate to win the presidency, holding a 65% chance with a $38,199,991 bet in his favor. Harris follows with a 31% chance, indicated by $20,334,256 in bets. Other Democratic contenders like Newsom, Clinton, and Michelle Obama each have a slim 2% chance of victory.
Following Biden’s news, the Gabin Noosum (NOOSUM) coin plummeted by 72.1%, now valued at $0.000296. The Jeo Boden (BODEN) coin also faced a significant drop, decreasing by 55.1% to $0.0106. These declines suggest a shift in market sentiment away from these figures as the political landscape shifts.
With the Democratic primary heating up and the general election on the horizon, all eyes are on Kamala Harris as she navigates the path to potentially 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.
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