As a seasoned researcher with extensive experience in the fields of politics and finance, I find the recent developments surrounding the 2024 U.S. presidential election and the subsequent impact on political meme coins to be an intriguing phenomenon.
Meme coins related to politics responded to President Joe Biden’s announcement that he would not seek re-election in 2024 and instead support Vice President Kamala Harris as the Democratic Party’s candidate.
After Biden made his announcement, I observed significant volatility in the political meme coin sector of the cryptocurrency market.
The price of the Kamala Harris meme token experienced a significant increase of 110.4%, reaching a trading value of $0.02403. With a fully diluted market capitalization of $23,921,482, this digital currency’s strong performance underscores growing investor optimism regarding Harris’s political prospects.
Polymarket data
Based on information from the prediction market site Polymarket, there’s a significant likelihood of Harris securing the nomination at 79%. This belief is substantiated by an impressive wager of $18,908,527 placed on her victory.
— Joe Biden (@JoeBiden) July 21, 2024
As a crypto investor following the latest developments in the political betting markets, I’ve noticed that among the potential nominees, Joe Biden holds a commanding lead with a 63% chance ($270,285,403 bet), while others significantly trail behind. Michelle Obama has a 4% chance ($19,302,020 bet), Gavin Newsom garners a 2% chance ($15,979,985 bet), and Hillary Clinton sits at a 5% chance ($18,455,915 bet).
See below.
Despite pulling out, Biden maintains a small but significant presence with a minuscule 0.1% probability, supported by wagers totaling $43,852,015.
The presidential election prospect presents an intriguing scenario as well. The Republican Party’s previous president, Donald Trump, currently leads the race with a strong likelihood of victory. He enjoys a 65% probability and boasts a substantial bet of $38,199,991 wagered in his favor.
Harris follows with a 31% chance, indicated by $20,334,256 in bets.
Among other Democratic hopefuls such as Newsom, Clinton, and Michelle Obama, there is only a small 2% probability that any of them will emerge as the winner.
Political tokens react to Biden news
The Gabin Noosum (NOOSUM) coin has plummeted by 72.1%, now valued at $0.000296.
As a crypto investor, I’ve noticed a substantial decrease in the value of Jeo Boden (BODEN) coins, which have dropped by 55.1% to $0.0106. This downturn indicates that the market sentiment towards these figures is changing as political landscapes evolve.
As a researcher studying the 2020 U.S. presidential race, I cannot help but notice the intensity surrounding Kamala Harris’s campaign as we approach both the Democratic primary and the general election. The possibility of her being the next President is a topic of great interest and speculation.
The relationship between political events and the unstable market of meme coins highlights the unforeseeable and distinctive character of the 2024 election season.
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2024-07-21 22:32