US President Joe Biden will not run in 2024. Poor debate performance and Democratic party pressure drove the 81-year-old leader’s withdrawal.
Emphasising his dedication to the party’s success and the necessity of a new face to oppose former President Donald J. Trump in the next election, Biden’s sincere message to the country stressed:
“I believe it is time for fresh leadership that can unite our party and our country,” Biden said. “I totally support Vice President Kamala Harris and am confident she will guide us to triumph.”
Biden Endorses Kamala Harris
Vice President Kamala Harris has quickly emerged as the Democratic nominee’s top choice after Biden’s support. Supported by several Democratic congressmen, governors, and leaders, Harris promised to “earn and win” the party candidature.
As a result of the party’s need for a strong candidate to prevent Trump’s possible return to the White House, her campaign has gained great momentum.
Harris’s support has also been felt across the political joke coin sales. For instance, the Kamala Horris meme coin rose 110.4% to $0.02403. This big gain reflects investors’ confidence in Harris’s political future.
Predicting Markets And Political Tokens
Data from the prediction market website Polymarket shows the VP has a 84% chance of bagging the Democratic nod with a startling $18,908,527 bet. Other possible nominees, on the other hand, laggard greatly.
Former First Lady Michelle Obama has a 7% chance; California Governor Gavin Newsom has a 1%; former Secretary of State Hillary Clinton is at 2%.
Source: Polymarket
Supported by $43,852,010 in bets, Biden remains a residual presence with less than a 1% probability even in his withdrawal. These numbers show the notable change in the Democratic primary scene after Biden made his statement.
With former President Donald Trump presently favoured to win the president, holding a 64% probability with a $38,199,990 bet in his favor, the general election landscape is rather interesting.
Source: Polymarket
Harris trails with a 30% chance, shown by bets of $20,334,255. Each of the other Democratic contendersᅳNewsom, Clinton, and Michelle Obamaᅳhave a meager 2% chance of winning.
The market for political meme coins also responded dramatically to Biden’s announcement. Originally worth $0.000296, the Gabin Noosum (NOOSUM) coin dropped 72.1%. In comparison, the Jeo Boden (BODEN) coin fell 55% to $0.0106. These losses point to a change in market attitude away from these numbers as the political terrain unfolds.
Harris is all the focus as the Democratic primary gets hot and the general election draws near. Her odds to be the next President of the United States has energized both her followers and her investors equally. The interaction of political events with the explosive world of meme currencies underscores the particular and erratic character of the 2024 election cycle.
Featured image from CNN, chart from TradingView