With Biden Out, Polymarket Favors Harris for Democratic Presidential Nominee

U.S. President Joe Biden will end his campaign for a second term, he announced Sunday, sending memecoins tied to his campaign plummeting and slightly decreasing former President and Republican nominee Donald Trump’s chances on the Polymarket prediction market.

Vice President Kamala Harris is now the leading contender for becoming the new Democratic Party nominee for the 2024 race, according to another Polymarket contract. Biden gave his No. 2 a shout out in his departure letter, endorsing her in a second tweet shortly after announcing the end of his campaign.

“Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats — it’s time to come together and beat Trump. Let’s do this,” he said in a post on X.

Biden’s departure came after weeks of pushback from over a dozen lawmakers in his own party following a disastrous debate performance in June.

The price of BODEN, a memecoin poking fun at the President, fell by nearly half in the aftermath of his announcement. Meanwhile, TREMP, a similar coin pointing to Trump, rose over 20%. Bitcoin fell slightly.

The 2024 presidential election, which will also see voters choose the makeup of the U.S. House of Representatives and Senate will take place this November.

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