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Politifi meme coins tumbled over 1% after US President Joe Biden withdrew from the race for the presidency, paving the way for a potentially tougher opponent for Donald Trump in Kamala Harris.
Biden’s decision to step down narrows the odds of a Donald Trump victory in November’s election, and that’s a worrying development for the crypto industry after the former president turned pro-crypto and promised to be ”crypto president” if he regains the White House.
Biden has been a controversial figure within the crypto industry due to his administration’s crackdown on the sector, and Vice President Harris’s stance towards the crypto industry is an unknown.
Polymarket Odds Related To A Kamala Harris Victory Surge
Following Biden’s endorsement of Harris, a token linked to the Vice President by the name of Kamala Horris (KAMA) surged 74% to record the second biggest gain among Politifi tokens in the past 24 hours.
In addition to KAMA’s price soaring, Polymarket traders have also grown more optimistic that Harris will win the 2024 Presidential Election.
“Yes” shares for Harris taking the White House jumped 27%, pushing their price to 30 cents. This means that traders on the decentralized betting platform are 30% confident that she will become the next President.
.@Polymarket – Presidential Election Winner
🟥 Donald Trump: 63% (+33)
🟦 Kamala Harris: 30% https://t.co/BBwAM9ruC4 https://t.co/BhgWVjqbNJ pic.twitter.com/KAXoTEvYbT— InteractivePolls (@IAPolls2022) July 21, 2024
Meme Coins Linked To Joe Biden Hit Hardest
Crypto tokens linked to Biden were the biggest losers over the past 24 hours. Jill Boden (JILLBODEN) lost the most with an 83% implosion. As a result, the meme coin traded at $0.00001268 as of 2:35 a.m. EST.
Jeo Boden (BODEN) suffered the next biggest 24-hour loss in the Politifi secto with a 57% collapse. This added to the crypto’s negative weekly performance as well, pushing BODEN down over 71% in that time frame.
Donald Trump Still The Favorite After Joe Biden Drops Out
Trump still maintains a clear lead on the Polymarket platform, with “Yes” shares related to him winning the election standing at 63 cents to indicate a 63% chance. These shares also recorded a 33% jump in price since Biden announced his withdrawal from the race.
Pepe (TRUMP) was the largest political meme coin gainer, registering a price uptick greater than 86% to trade at $0.0000057115.
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