- After a New York Times report that Biden is considering dropping out, the President tells supporters he’s “in this race to the end.”
- The Biden-inspired Jeo Boden (BODEN) token collapsed 38% within 24 hours following the report, but rebounded by over 25% after Biden’s statement that he wouldn’t drop out.
- Crypto bettors are wagering millions on the possibility that Biden will step aside, with a leading crypto prediction market showing a 73% chance that he will drop out of the 2024 election.
After a poor debate performance last week, a report in The New York Times on Wednesday suggested President Joe Biden is questioning whether to abandon his 2024 re-election hopes. However, on a campaign call later that day, Biden told supporters he’s staying in the race.
Impact on Political Meme Coins
The political drama has increased volatility in political meme coins. Following the Times report, the Biden-inspired token BODEN collapsed 38% within 24 hours. However, it then rebounded 25% after Biden said he would not drop out. In comparison, his opponent’s meme coin TREMP fell less severely.
Speculation Biden May Step Aside
With Biden struggling in polls after the debate, crypto bettors now believe a Biden dropout is likely. On prediction market Polymarket, odds of a Biden win are just 11%, while VP Kamala Harris is at 17%. Meanwhile, the meme token KAMA tied to Harris has surged over 500% in a week.
Trump Favored by Crypto Leaders
Donald Trump has emerged as the favorite 2024 pick among crypto industry leaders like Kraken’s Jesse Powell and Gemini’s Tyler Winklevoss.
Conclusion
Biden’s weak debate performance has fueled speculation he may bow out of the 2024 race. This is shifting odds on crypto prediction markets and causing volatility in political meme coins. For now, Biden insists he is staying in the race, but some in crypto are betting Vice President Harris will ultimately become the nominee.
