The odds of Kamala Harris representing the Democrats in the November election have increased to 52% on Thursday, up from under 25% at the start of the week. Conversely, Biden’s odds have dropped from over 55% on Monday to 30% at press time. Bets on Biden still make up the majority of around $129.9 million locked in the Polymarket contract until August 21. In a separate outcome dubbed “Biden drops out of presidential race?”, the odds of Biden bowing out of the race jumped as high as 74%.
Crypto speculators are increasingly confident that Biden will step down due to health issues. The incumbent president stated that only a medical condition would prompt such an event. Additionally, defi degens have also invested in political developments as U.S. electoral happenings weigh on crypto activity. Memecoins inspired by Biden’s perceived substitutes within the Democratic party have surged, with data showing that misspelled PolitiFi memecoins like Gabin Noosum (NOOSUM) and Kamala Horris (KAMA) more than doubled in the past 24 hours.