PolitiFi Meme Coins for Joe Biden Replacements Skyrocket Following Weak Debate Performance

PolitiFi Meme Coins Soar Amid Speculation of Biden Replacement After Poor Debate Showing


By Andrew Throuvalas
Updated: July 3, 2024, 12:46 EDT
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Reading Time: 2 minutes


On Wednesday, there was a significant surge in the volatility of various PolitiFi meme coins 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
According to data from CoinGecko, the Solana-based Gabin Noosum (NOOSUM) token, which is a misspelling of California Governor Gavin Newsom’s name, experienced an increase from $0.003 to $0.0051 early on Tuesday. However, it retracted most of its gains by Wednesday morning.
In a more dramatic turn, the Kamala Harris (KAMA) token surged 344% in the past 24 hours, reaching $0.015 per token. This surge was fueled by speculation that Vice President Kamala Harris could become the Democratic front runner in place of Biden.
In contrast, the Jeo Boden (BODEN) meme coin saw a significant decline of 73% over the past week.
The conversation regarding a potential replacement for President Biden as the nominee gained traction last Thursday following what many political commentators deemed a lackluster performance by Biden in the Presidential debate against former President Donald Trump.
As a result, some members of the Democratic party have urged Biden to step down from the race, expressing concerns about his mental acuity and ability to effectively serve another presidential term.
Polymarket’s Election Odds: Crypto Bettors Favor Trump, But Harris Makes Gains
Reflecting this shifting sentiment, crypto bettors on Polymarket are increasingly predicting that a Democrat other than Biden is more likely to win the election compared to Trump.
Harris has surpassed Biden as the frontrunner for the Democrat nomination, 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 leads with a 63% chance of winning the election.
These polls reveal 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, while Biden trails behind with 39.8%.
Trump has garnered significant support within the crypto industry due to his promise to protect Bitcoin holders from the legal challenges they have faced under the Biden administration.
Last week, Kraken co-founder Jesse Powell announced that he donated $1 million to Trump’s presidential campaign.
Cameron and Tyler Winklevoss, co-founders of the Gemini crypto exchange, also donated $1 million each to Trump.
On the other hand, 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,” tweeted Cuban on Friday. “It could be an open door to find someone that immediately outperforms Trump.”
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