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Crypto Markets Like Their Odds With Kamala Harris
If cryptocurrency investors are anything to go by, Kamala Harris will replace President Joe Biden if he drops out.
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 defeat Donald Trump in November’s general election. And nowhere is that crazier than in the land of cryptocurrencies.
In the growing Polymarket prediction market, Harris’ chances becoming the nominee rose from 7% today to a peak of 31% at midday. President Joe Biden was still the favorite at 58%, with Michelle Obama at 7% and California Gov. Gavin Newsom at 3%.
There are approximately $75.6 million in bets on this research.
For what it’s worth, in a separate Polymarket poll, the probability of Biden dropping out rose to 45% today, a gain of 10%. The odds have fluctuated within 10 points since a high prediction of 50% on June 29, two days after the debate.
Meanwhile, $KAMA, which has become Solana’s meme coin of choice to represent the vice president, saw a healthy 127% surge today to $0.00843 as of 2:00 a.m. PT, according to CoinGecko, where the coin has a market cap of $8 million. DexScreener shows that 1,171 unique wallets trade the coin. In comparison, $NOOSUM, a tribute coin to Newsom with a market cap of $2.7 million, is up 21.9% to $0.0043.
It almost goes without saying that $BODEN, Biden’s favored Solana coin, has continued to drop 70% since last week and was hovering around a nickel, according to CoinGecko — a mere fraction of $TREMP, Donald Trump’s coin, which is trading around $0.55.
Meme coins are powered entirely by memetic energy, of course, they are extremely volatile and often drop to zero. If you are looking for something that retains at least some value, there is the Kamala Harris Proof Coin from the Hamilton Collection, or the Coin of the future 47th, 1st female president on eBay. Any of them could always come in handy for a coin toss.