PolitiFi Memecoin Skyrockets After Biden Debate

Bittime - The new PolitiFi meme coin wave experienced significant fluctuations on Wednesday amid speculation that President Joe Biden may not secure the Democratic nomination for the 2024 presidential election.

PolitiFi Meme Coin Reacts to Biden Debate

According to data from CoinGecko, the Solana-based Gabin Noosum (NOOSUM) token — a play on California Governor Gavin Newsom’s name — surged from $0.003 to $0.0051 on Tuesday morning before losing most of its gains on Wednesday morning. Similarly, the Kamala Harris (KAMA) token has surged 344% in the past 24 hours, hitting $0.015, fueled by speculation that Vice President Kamala Harris could become the Democratic frontrunner instead of Biden. 

On the flip side, meme coin Jeo Boden (BODEN) is down 73% over the past week.

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Debate Sparks Replacement Discussion

Discussion of a possible replacement for President Biden as the Democratic nominee gained traction after what many political commentators deemed a less-than-impressive debate performance against former President Donald Trump. 

Some Democrats have since urged Biden to step down, citing concerns about his mental acuity and ability to serve effectively for another term.

Polymarket Election Opportunities: Sentiment Shift

Reflecting this shift in sentiment, crypto bettors on Polymarket are increasingly predicting that a Democrat other than Biden is more likely to win the election than Trump. On Wednesday, Harris surpassed Biden as the frontrunner to secure the Democratic nomination, leading with a 49% chance to Biden’s 38% . 

Additionally, Harris is now seen as the more likely candidate to win the presidential election, with a 19% chance to Biden’s 8% . According to Polymarket, Trump has a 63% chance of winning the election.

Trump's Rising Popularity

Since the debate, Trump has consistently emerged as the more popular candidate nationally. Data from Five Thirty-Eight as of July 3 showed Trump leading with 41.9% of the vote compared to Biden’s 39.8% . Trump’s promise to protect Bitcoin holders from legal challenges faced under a Biden administration has garnered significant support within the crypto industry.

Last week, Kraken co-founder Jesse Powell donated $1 million to Trump’s campaign. Cameron and Tyler Winklevoss, co-founders of the Gemini crypto exchange, also donated $1 million each to Trump. In contrast, billionaire Mark Cuban, who has defended crypto from regulatory attacks, has remained opposed to Trump’s presidency, tweeting his openness to discussing a replacement for Biden and/or Harris.

These developments highlight the dynamic and evolving landscape of the 2024 presidential election, heavily influenced by political performance and the growing role of cryptocurrency in politics.

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