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Cryptocurrency Markets Value Their Odds With Kamala Harris
If cryptocurrency investors are any guide, Kamala Harris will replace President Joe Biden if he retires.
Yes, the coconuts continue to fall for Biden after his disastrous performance at last week’s presidential debate, with confidence in his ability to beat Donald Trump in November’s general election wavering. And nowhere is it crazier than in the world of cryptocurrency.
On the booming Polymarket forecasting market, Harris’s chances of become the candidate jumped from 7% today to a peak of 31% at midday. President Joe Biden was still the frontrunner at 58%, with Michelle Obama at 7% and California Gov. Gavin Newsom at 3%.
There are approximately $75.6 million in bets at stake for that poll.
For what it’s worth, a separate Polymarket poll found the odds of Biden dropping out rose to 45% today, a gain of 10%. The odds had moved within 10 points of a high of 50% on June 29, two days after the debate.
Meanwhile, $KAMA, which has become Solana’s chosen meme coin to represent the vice president, has seen a nice 127% surge today to $0.00843 as of 2:00 a.m. Pacific time, according to CoinGecko, where the coin has a market cap of $8 million. DexScreener shows that 1,171 unique wallets are trading the coin. For comparison, $NOOSUM, a tribute coin to Newsom with a market cap of $2.7 million, is up 21.9% to $0.0043.
Needless to say, $BODEN, Solana’s preferred coin for Biden, has continued to decline by 70% since last week and is hovering around 5 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, they are extremely volatile and often drop to zero. If you are looking for something that will retain at least some value, there is the Kamala Harris’s Trial Coin from the Hamilton Collection, or the Coin of the Future 47th, 1st Female President on eBay. Both can always come in handy for a coin flip.