One of Joe Biden’s allies says the president is questioning whether to abandon his 2024 re-election hopes after a poor debate performance last week, according to a report in The New York Times on Wednesday.
Hours later, Biden told supporters on a campaign call that he’s not leaving. “I am running…no one’s pushing me out,” he said. “I’m in this race to the end and we’re going to win.”
The political drama has sparked even more volatility in political meme coins. Following the Times report, the Biden-inspired Jeo Boden (BODEN) token had collapsed 38% within 24 hours, and 72% on the week, according to CoinGecko. The token then rebounded by more than 25% within an hour of Biden's proclamation that he wouldn't drop out.
By comparison, his opponent’s equivalent meme coin Dolend Tremp (TREMP) is down by a less severe 13.8% on the day, and 44% on the week.
The market caps for BODEN and TREMP are now $28 million and $48 million respectively.
Kamala Flips Biden: Crypto Markets Surge for VP as Democratic Nominee
Will Biden bow out? Crypto bettors are wagering millions on the possibility that U.S. president Joe Biden will step aside amid concerns over his candidacy, with the leading crypto prediction market showing a 73% chance that he will drop out of the 2024 election. And vice president Kamala Harris has taken the lead in a head-to-head showdown over the expected Democratic nominee. This follows a sustained clarion call for Biden to step down that has only grown since last Thursday’s troublesome debat...
During his first 2024 showdown with Donald Trump on Thursday, Biden repeatedly stumbled over his words and appeared unfocused. Polls widely showed that viewers thought Trump was the debate’s victor. One Democratic congressman has already asked Biden to forfeit his party’s nomination in the aftermath.
With national polls now leaning against Biden and internal party confidence dropping, crypto bettors are now confident that Vice President Kamala Harris will replace Biden as the Democratic Party nominee. As of Wednesday, Polymarket odds have Biden’s election win odds at 11%, Harris’s at 17%, and Trump’s at 61%.
It's Joever. pic.twitter.com/lYGziFBBsm
— Dylan LeClair 🟠 (@DylanLeClair_) July 3, 2024
Meanwhile, a separate Solana-based meme token—Kamala Horris (KAMA)—has exploded around the speculation, rising 61% over the past 24 hours, and 559% over the past week.
Trump has emerged as the favorable pick presidential pick among multiple crypto industry leaders this election cycle, including Kraken co-founder Jesse Powell and Gemini co-founders Cameron and Tyler Winklevoss.
Edited by Ryan Ozawa.
