US President Joe Biden has announced that he will not run in the 2024 election. Poor debate performance and pressure from the Democratic Party led the 81-year-old leader to withdraw.
In his sincere message to the country, Biden stressed his commitment to the party’s success and the need for a new face to oppose former President Donald Trump in the upcoming elections. He said in his message:
“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 that she will lead us to victory.”
Biden endorses Kamala Harris
Vice President Kamala Harris quickly emerged as the Democratic front-runner after Biden endorsed her. Backed by many members of Congress, governors, and Democratic leaders, Harris promised to “win” the party’s nomination.
As the party needs a strong candidate to prevent Trump’s potential return to the White House, her campaign has gained significant momentum.
Harris’ support was also felt through political coin sales. For example, the Kamala Horace meme coin surged 110.4% to $0.02403. These massive gains reflect investor confidence in Harris’ political future.
Predicting Markets and Political Symbols
Data from forecasting site Polymarket shows that the vice president has an 84% chance of winning the Democratic nomination with a staggering $18,908,527 bet. On the other hand, the other potential candidates are lagging far behind.
Former first lady Michelle Obama has a 7% chance, California Gov. Gavin Newsom has a 1% chance and former Secretary of State Hillary Clinton has a 2% chance.
Source: Polymarket
Backed by $43,852,010 in bets, Biden is still a less than 1% chance even if he drops out. These numbers show the dramatic change in the Democratic primary landscape since Biden made his announcement.
With former President Donald Trump now at 64% odds of winning the presidency with $38,199,990 in his favor, the general election landscape is quite interesting.
Source: Polymarket
Harris trails her rivals by 30 percent, as shown by the $20,334,255 in bets, and the other Democratic candidates — Newsom, Clinton and Michelle Obama — have a slim 2 percent chance of winning.
The political crypto market also responded strongly to Biden’s announcement. Gabin Noosum (NOOSUM), which was originally valued at $0.000296, dropped 72.1%. In comparison, Jeo Boden (BODEN) dropped 55% to $0.0106. These losses indicate a shift in the market’s stance away from these numbers as the political terrain evolves.
Harris is the center of attention as the Democratic primary heats up and the general election approaches. Her prospects of becoming the next president of the United States have fueled excitement among her followers and investors alike. The interplay of political events with the explosive world of meme coins underscores the unique and erratic nature of the 2024 election cycle.
Featured image from CNN, chart from TradingView