PoliFi Meme Coins Dive As New York Times Report Bolsters Polymarket Odds Of Joe Biden Exiting Race

Updated: 04 July 2024

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PoliFi meme coins are tumbling after a New York Times report said US President Joe Biden is contemplating his future in the 2024 presidential race.

The NYT reported that Biden told a key ally that his viability as a presidential candidate for the Democratic Party was on the line after his poor debate performance last week.

Breaking News: President Biden told a key ally his campaign may be unsalvageable if he can’t convince the public he’s up for the job. It's the first public indication that Biden is seriously considering whether he can recover after the debate. https://t.co/xNo2VHcnnW pic.twitter.com/UZBB27pI7q

— The New York Times (@nytimes) July 3, 2024

PoliFi meme coins including Jeo Boden (BODEN) reacted negatively to the news. BODEN is down 28% in the last 24 hours and 73% in the last week.

Trump-themed meme coins have also not been spared. MAGA (TRUMP) and Doland Tremp (TREMP) are down 7% and 17%, respectively, in the past 24 hours.

The entire PoliFi meme coin sector has taken a beating, with its market cap plunging by 15% to around $800 million in the past day, according to CoinGecko.

Polymarket Sees Increased Odds That Joe Biden Will Drop Out

A member of the White House refuted the NYT report, terming it “absolutely false,” but that did not ease the uncertainty.

Traders on Polymarket have increased their odds of Biden dropping out of the presidential race to 64%, up from the previous 35%.

The “Biden drops out of presidential race” bet on Polymarket has garnered over $10.8 million in wagers.

The rising odds also come as some of the largest donors to the Democratic Party call upon Biden to step aside.

Netflix co-founder Reed Hastings recently said that a vigorous candidate was better suited to run against Donald Trump, who currently has a three-point lead in polls.