The recent announcement that President Joe Biden tested positive for COVID-19 has reverberated through political and crypto markets. In response, speculators on the decentralized betting platform Polymarket have drastically adjusted their forecasts regarding Biden’s political future,
Moreover, there has been a sharp decline in a Joe Biden-themed meme coin.
Jeo Boden Meme Coin Plummets, Kamala Horris Shoots Up
Today, the odds of President Biden withdrawing from the presidential race surged to 69% on Polymarket. This marked shift accompanied Biden’s health revelation, along with a staggering $17 million in bets on this outcome.
“I tested positive for COVID-19 this afternoon, but I am feeling good and thank everyone for the well wishes. I will be isolated as I recover, and during this time, I will continue to work to get the job done for the American people,” Biden announced on X (Twitter).
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
The heightened speculation reflects concerns over his ability to continue campaigning, especially after Biden stated he would reconsider his run if medically advised due to a severe condition.
The impact of President Biden’s diagnosis extended into the crypto market, particularly affecting the Biden-themed meme coin, ‘Jeo Boden’ (BODEN). In the past 24 hours, BODEN’s value plummeted by nearly 25%. This downturn in value mirrors the broader uncertainties now overshadowing his re-election efforts.
Meanwhile, Vice President Kamala Harris has experienced a surge in betting odds, surpassing Biden on Polymarket as the more likely Democratic candidate. In contrast, the Kamala Harris-themed meme coin, ‘Kamala Horris’ (KAMA), skyrocketed over 101% following the news of Biden’s COVID-19 diagnosis.
The market’s enthusiastic response to Harris’s improved odds suggests a growing belief among investors that she might lead the Democratic ticket.
Furthermore, this political and economic turbulence coincides with significant events affecting other key US political figures. Notably, former President Donald Trump’s chances of winning the next election climbed to 64% after an assassination attempt last Saturday.
Read more: 11 Top Solana Meme Coins to Watch in July 2024
During the incident, a bullet grazed Trump’s right ear, prompting an immediate response from Secret Service agents. Despite the ordeal, Trump’s defiant gesture to his supporters—a fist pump—appeared to enhance his image and electoral prospects
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