Joe Biden Steps Down, Kamala Harris Likely Democratic Nominee, Political Memecoins Surge

US President Joe Biden has announced that he will not be running for another term in the White House, sending shockwaves through markets and political circles alike. Vice President Kamala Harris is now the frontrunner to become the Democratic nominee, with an 82% chance according to a Polymarket bet.

Following Biden’s announcement, Bitcoin experienced a 2.3% drop before recovering, as analysts speculated that Harris may have a better chance of defeating Trump in November. This news also caused a surge in political memecoins, with coins like Doland Tremp and Jeo Boden experiencing significant price movements.

The rise of political memecoins highlights the growing role of crypto in elections, with industry insiders betting on the outcome of the November vote to impact the crypto market. Trump has emerged as a crypto-friendly candidate, while Harris’ stance on the industry remains unclear.

Biden’s decision comes after a tumultuous presidential race, filled with criminal convictions, chaotic debates, crypto endorsements, and even an assassination attempt. The race has made crypto a key election issue, with Trump positioning himself as a pro-crypto candidate and industry leaders rallying behind him.

Despite recent signs that Biden was warming up to crypto, his withdrawal from the race has paved the way for Harris to potentially secure the Democratic nomination. With the odds in her favor, Harris may soon be facing off against Trump in what promises to be a historic election.

As the political landscape continues to shift, the role of crypto in elections is becoming increasingly important. Industry leaders and insiders are closely watching the developments, as the outcome of the November vote could have a significant impact on the future of the crypto market.