Polymarket: Kamala Harris overtakes Biden for Dem nominee

Barely 24 hours after President Joe Biden tested positive for COVID-19, Polymarket punters began piling bets on Vice President Kamala Harris securing the Democratic ticket.

Bettors wagering on Polymarket’s “Democratic Nominee 2024” outcome have staked $13.6 million on the odds that Kamala Harris will be picked over Joe Biden. The odds of Harris representing the Democrats in the November election increased to 52% on Thursday, up from under 25% at the start of the week.

Biden’s odds moved inversely, dropping from over 55% on Monday to 30% at press time.

After White House Press Secretary Karine Jean-Pierre announced President Biden’s COVID-19 status, punters on the Polygon-based decentralized predictions platform leaned towards Harris. Bets on Biden still comprise the lion’s share of around $129.9 million locked in the Polymarket contract until August 21.

Additionally, the odds of Biden bowing out of the race jumped as high as 74% on a separate outcome dubbed “Biden drops out of presidential race?”. Crypto speculators are increasingly confident Biden will step down due to health issues. On Wednesday, the incumbent president told BET News that only a medical condition would prompt such an event.

Meanwhile, defi degens 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 surged. Data showed that misspelled PolitiFi memecoins like Gabin Noosum (NOOSUM) and Kamala Horris (KAMA) more than doubled in the past 24 hours. 

Trump coins, however, fell up to 15% as the former President continued on a pro-crypto campaign trail. The turnaround in Donald Trump’s stance remains contentious due to his previous anti-crypto rhetoric and reports that he nearly banned Bitcoin (BTC) during his first White House stint.