American President Joe Biden will not run for office in 2024. Poor debate performance and pressure from the Democratic Party forced the 81-year-old leader to withdraw.
Biden stressed his commitment to the party’s success and the need for a new face to challenge former President Donald J. Trump in the next election. His heartfelt message to the country was as follows:
“I believe it is time for new leadership that can unite our party and our country,” Biden said. “I fully support Vice President Kamala Harris and am confident she will lead us to victory.”
Biden endorses Kamala Harris
Vice President Kamala Harris has quickly emerged as the Democratic nominee’s top choice after Biden’s endorsement. Backed by several Democratic congressmen, governors and leaders, Harris vowed to “earn and win” the party’s nomination.
Because the party needed a strong candidate to prevent Trump from possibly returning to the White House, its campaign gained momentum.
Harris’s support is also felt in the sales of political joke coins. For example, the Kamala Horris meme coin rose 110.4% to $0.02403. This large gain reflects investors’ confidence in Harris’ political future.
Predicting markets and political tokens
Data from the prediction market website Polymarket shows that the VP has an 84% chance of winning the Democratic endorsement with a surprise $18,908,527 bet. Other potential nominees, however, are lagging far behind.
Former First Lady Michelle Obama has a 7% chance of winning; California Governor Gavin Newsom has a 1% chance; and former Secretary of State Hillary Clinton has a 2% chance of winning.
Source: Polymarket
Backed by $43,852,010 in bets, Biden remains a residual presence with less than 1% probability even with his withdrawal. These numbers show the remarkable change in the Democratic primary scene after Biden made his declaration.
With former President Donald Trump now the favorite to win the presidential election, with a 64% probability and $38,199,990 bet in his favor, the general election landscape is quite interesting.
Source: Polymarket
Harris trails with a 30% chance, based on bets of $20,334,255. Each of the other Democratic contenders (Newsom, Clinton and Michelle Obama) has a meager 2% chance of winning.
The political meme coin market also reacted dramatically to Biden’s announcement. The Gabin Noosum (NOOSUM) coin was initially worth $0.000296 but dropped by 72.1%. In comparison, the Jeo Boden (BODEN) coin dropped by 55% to $0.0106. These losses indicate a change in market attitudes towards these figures as the political terrain unfolds.
Harris is in the spotlight as the Democratic primaries get underway and the general election approaches. Her chances of becoming the next president of the United States have energized both her followers and her investors. The interaction of political events with the volatile world of meme currencies underscores the unique and volatile nature of the 2024 election cycle.
Main image from CNN, chart from TradingView