Markets
Cryptocurrency Markets Like Their Chances With Kamala Harris
If cryptocurrency investors are to be believed, Kamala Harris will replace President Joe Biden if he steps down.
Yes, the coconuts continue to fall from the tree for Biden after his disastrous performance in last week’s presidential debate, with confidence wavering in his ability to beat Donald Trump in November’s general election. And nowhere is it crazier than in the world of cryptocurrencies.
In the booming Polymarket prediction market, Harris’s odds become the candidate Voting intentions jumped from 7% today to a peak of 31% at midday. President Joe Biden still leads with 58%, followed by Michelle Obama at 7% and California Governor Gavin Newsom at 3%.
There is approximately $75.6 million in bets at stake for this poll.
For what it’s worth, in another poll on Polymarket, the probability that Biden will drop out of the election has now risen to 45%, up 10%. The odds have fluctuated within 10 points since June 29, two days after the debate, when they were estimated at 50%.
Meanwhile, $KAMA, which has become the Solana meme coin chosen to represent the vice president, has seen a healthy 127% increase today to $0.00843 as of 2:00 p.m. PT, according to CoinGecko, where the coin has a market cap of $8 million. DexScreener shows that 1,171 unique wallets are trading the coin. By comparison, $NOOSUM, a Newsom tribute coin with a market cap of $2.7 million, is up 21.9% to $0.0043.
It almost goes without saying that $BODEN, Biden’s preferred Solana coin, continued to fall 70% since last week and was hovering around five cents, according to CoinGecko, a mere fraction of $TREMP, Donald Trump’s coin, which is trading at around $0.55.
Meme coins are powered entirely by memetic energy, of course, are extremely volatile and frequently drop to zero. If you’re looking for something that will retain at least some value, there’s the Kamala Harris Coin from the Hamilton collection, or from the Coin of the future 47th, 1st female president on eBay. Either one could still be useful for a raffle.