PolitiFi meme coins surge as Biden support lowers

Several political meme coins related to Vice President Kamala Harris rallied on Wednesday as prediction market odds favor her as the preferred Democrat nominee in the upcoming US presidential race.

Crypto prediction markets spark rise in political meme coins as Biden loses support

In the past 24 hours, meme coins modeled after candidates who might challenge Joe Biden for the Democratic ticket in the upcoming presidential race have seen significant increases. These PolitiFi meme coins surged as crypto prediction markets like Polymarket favored Kamala Harris over President Joe Biden.

The largest gainers among these PolitiFi tokens include misspelled "Kamala Horris" with the ticker KAMA, which has seen a 77% over the past 24 hours. 

Other tokens based on the candidates who stand as possible replacements for Biden have also risen in the past 24 hours. One of these is the "NOOSUM" token based on fellow Democrat Gavin Newsom, Governor of Carlifonia.

Additionally, the debate between Joe Biden and Donald Trump last week sparked massive concerns over Joe Biden's chances in the upcoming election. Polymarket data suggests that social volume has intensified with predictions of who has the highest chance of winning.

According to Polymarket odds, Donald Trump currently has the highest chance of winning in the upcoming presidential elections, with a 61% win rate. Kamala Harris follows behind, holding a 15% chance, after flipping Biden, who possesses a 13% chance of winning.

The predictions suggest that Biden's chances of dropping out of the 2024 elections have risen to 69%. This was accompanied by a huge decline in the BODEN (based on Joe Biden), which dropped 33% over the last 24 hours.