Kamala Harris overtakes Biden for Dem nominee

Barely 24 hours after President Joe Biden tested positive for COVID-19, Polymarket investors began increasing their bets that Vice President Kamala Harris would be the Democratic nominee.

Bettors betting on Polymarket’s “Democratic Candidate 2024” outcome placed $13.6 million on Kamala Harris to replace Joe Biden. Harris’ odds of representing the Democrats in the November election rose to 52% on Thursday, up from less than 25% at the start of the week.

Biden’s chances, by contrast, dropped from over 55% on Monday to 30% as of press time.

Polymarket “Democratic Candidate 2024” betting pool

After White House Press Secretary Karine Jean-Pierre announced President Biden’s COVID-19 status, bettors on the Polygon-based decentralized prediction platform turned to Harris. Bets on Biden continue to account for the lion’s share of the approximately $129.9 million locked in the Polymarket contract through August 21.

Additionally, the likelihood of Biden dropping out of the race has risen to as high as 74% in a separate result called “Is Biden Dropping Out of the Presidential Race?” Crypto speculators are increasingly certain that Biden will resign due to health issues. On Wednesday, the incumbent president told BET News that only a medical condition would trigger such an event.

Meanwhile, defi degenerates have also invested in political developments as US election events have impacted crypto activity. Memecoins inspired by perceived replacements for Biden within the Democratic party have surged. Misspelled PolitiFi memecoins like Gabin Noosum (NOOSUM) and Kamala Horris (KAMA) have more than doubled in the past 24 hours, data showed.

But Trump coins have fallen by as much as 15% as the former President continues a pro-crypto campaign trail. Donald Trump’s reversal in stance remains controversial due to his previous anti-crypto rhetoric and reports that he nearly banned Bitcoin (BTC) during his first White House stint.