Could Kamala Harris soon replace Joe Biden as the Democratic presidential nominee? Crypto investors seem to think so. Following President Biden’s lackluster performance in last week’s debate, confidence in his ability to defeat Donald Trump in the upcoming November election has taken a hit. This sentiment is especially pronounced within the cryptocurrency community.
On the prediction market platform Polymarket, Harris’s chances of becoming the Democratic nominee surged dramatically, jumping from 7% to a peak of 31% by midday. Although Biden remains the frontrunner with a 58% probability, the shift indicates growing skepticism about his campaign. Other contenders like Michelle Obama and California Governor Gavin Newsom are seen as less likely alternatives, with Obama at 7% and Newsom at 3%.
The stakes are high, with around $75.6 million worth of bets riding on this prediction. Interestingly, another poll on Polymarket reflects a rising belief that Biden may drop out of the race, with the probability increasing by 10% to reach 45%. This follows a fluctuating trend since June 29, when the likelihood of Biden dropping out peaked at 50%.
The impact of these political predictions is also evident in the cryptocurrency market. $KAMA, a meme coin associated with Kamala Harris, saw a 127% increase, reaching $0.00843 by 2:00 PM Pacific Time. With a market cap of $8 million, $KAMA has become a favorite among Solana traders, evidenced by 1,171 unique wallets trading the coin. In contrast, $NOOSUM, a meme coin representing Gavin Newsom, rose by 21.9% to $0.0043, boasting a market cap of $2.7 million.
Meanwhile, $BODEN, the meme coin linked to President Biden, has experienced a significant decline, dropping 70% since last week and hovering around $0.05. This is a stark contrast to $TREMP, the Donald Trump coin, which is trading at approximately $0.55. The volatility of these meme coins, driven entirely by memetic energy, makes them highly unpredictable, with values that can plummet to zero just as quickly as they rise.
For those looking for more tangible memorabilia, there are options like the Kamala Harris proof coin from the Hamilton Collection or the Future 47th, 1st Woman President coin available on eBay. These collectibles, while not as volatile as meme coins, offer a more stable way to show support and might even come in handy for a coin toss.
The shifts in these prediction markets and meme coin values reflect a broader uncertainty and speculation within the political landscape as the election approaches. Whether Harris will indeed replace Biden remains to be seen, but for now, the crypto community is placing its bets on significant changes ahead.
