Kama Harris, to replace Biden? PolitiFi tokens tank 95% amid POTUS woes

In this post:

  • Biden’s PolitiFi BODEN is currently down 84% in the last 30 days, after his presidential debate performance.
  • Political traders make the switch from PolitiFi memcoins to the Polymarket betting site.
  • Kamala Harris beats Joe Biden on Polymarket bets to be the next POTUS.

There is a conversation in political streets that Kamal Harris will take Joe Bidens position. Political finance (PoliFi) meme tokens have begun to fall ahead of the November US elections, with several promoted mainstays down almost 95% from their high prices.

Also Read: Crypto traders place bets on what Trump will say during the debate

According to CoinGecko data, the Solana-based Jeo Boden (BODEN) meme coin, a play on Joe Biden mixed with Doland Duck, has plunged 70% in the last week following the President’s “disastrous debate” performance, which called his political future into question.

PolitiFi tokens take a market twist

Data from CoinGecko shows that  BODEN has been down 84% in the last 30 days. BODEN has returned to levels observed in early March when it was first released.

Source: CoinGecko

Trump-themed tokens are also declining despite the fact that Donald Trump’s electoral prospects have increased significantly following the debate.

TRUMP, the largest Trump PoliFi token, has experienced a 13.2% decrease in value on the day and a 32.9% decline in the past week. Boden’s counterpart, TREMP, is also experiencing a double-digit decline: nearly 14% in the past 24 hours and 42% over the past week.

Source: CoinGecko

The PoliFi sector has experienced an 11% decline in the last 24 hours, with the majority of PoliFi memecoins currently in the negative. Trading volumes on the wagering marketplace Polymarket have increased concurrently, indicating that political bettors have made the switch to the platform.

Kamala Harris to replace Biden?

There is an 81% chance that President Biden will drop out of the race for president. This happened after Barack Obama said he was worried about Biden’s performance in the campaign and debates.

Source: Polymarket

The Washington Post reported late Tuesday that former President Barack Obama, concerned about Biden’s reelection chances following a poor debate performance and emphasizing his belief in Trump’s electability, has been privately advising and supporting him while publicly expressing confidence in his campaign.

The market predicts Biden will drop out before the Democratic convention on August 19.

According to the New York Times, Democratic party leaders have already built a scenario in which Biden withdraws from the election, and the process of finding a replacement contender will be complicated.

The most straightforward option would be to nominate Vice President Kamala Harris, Biden’s running mate. Considering that this would be the path of least resistance, the market increased Harris’ chances of becoming the Democratic nominee to 49% on Tuesday.

Source: Polymarket

Officially, President Joe Biden remains the presumptive Democratic nominee. However, a lot of supporters are urging him to step down, and some want Harris to take the lead. This comes after her boss’s stumbling performance in last week’s debate with former commander-in-chief and almost certain Republican standard-bearer Donald J. Trump.

Former Congressman Tim Ryan, the first presidential contender to support Biden in 2020, was more direct in his Newsweek op-ed: “Kamala Harris Should Be the Democratic Nominee for President in 2024.” 

Polymarket attracts most of the political traders

Dune Analytics data show that Tuesday was Polymarket’s fifth-highest volume day in its four-year existence, with $5.7 million in transactions. June was Polymarket’s first month with more than $100 million in volume.

Its biggest bet, with $211 million in bets, is who will win the presidential election in November. Trump remains the favorite, with a 64% chance of winning.

Biden’s chances of becoming President fell from 33.5% before the debate to 11% as of Monday morning U.S. time, with Trump maintaining his lead at 64%. Surprisingly, Kamala Harris has surpassed Joe Biden, with a 16% to be the President of the United States of America.

Source: Polymarket

Some political traders have placed bets that another Democrat will become POTUS. There is a 4% chance that Michelle Obama, wife of former President Barak Obama, will become the president.

Cryptopolitan Reporting by Florence Muchai

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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