Odds Of Kamala Harris Replacing Joe Biden As Democratic Presidential Candidate Raised By Crypto Bettors, Memecoin Themed On Her Surges 126%
The chances of Vice President Kamala Harris changing President Joe Biden because the Democratic nominee for the 2024 presidential elections surged dramatically Tuesday on a cryptocurrency-based prediction market.
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What Occurred: Polymarket, which calls itself the world’s largest prediction market, noticed the chance of Harris changing into the presidential candidate surge from 8% to 27% within the final 24 hours.
Whereas President Biden stays the highest decide for bettors on the platform, with 58% odds in his favor, the substantial enhance in Harris’ possibilities mirrored a marked shift in sentiment.
For the curious, Polymarket is a decentralized prediction market that permits customers to guess on main international occasions utilizing cryptocurrencies. Customers should purchase or promote final result shares, which may be redeemed for $1 if the result is appropriate, and turn into nugatory if it is incorrect.
Why It Issues: The rising odds in favor of Kamala Harris had been doubtless as a result of Biden’s lackluster performance in last week’s presidential debate in opposition to Republican challenger Donald Trump. Critics, together with a fellow Democrat from the Home of Representatives, referred to as for him to withdraw from the presidential race.
On Polymarket, the chances of Biden dropping out of the presidential race was 56% on the time of writing. Furthermore, an awesome majority of the merchants on the platform believed Trump would win the race to the White Home.
Value Motion: This shifting dynamics impacted PolitiFi cryptocurrency tokens linked to those leaders. Kamala Horris (CRYPTO: KAMA), a coin parodying Harris, jumped 126% within the final 24 hours, in line with CoinGecko, whereas Jeo Boden (CRYPTO: BODEN) slumped 27%.
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