Just 24 hours after President Joe Biden tested positive for COVID-19, Polymarket punters began betting on Vice President Kamala Harris to win the Democratic ticket.
Polymarket’s Democratic Nominee 2024 bettors have wagered $13.6 million on Kamala Harris to replace Joe Biden. The odds of Harris representing Democrats in November rose to 52% on Thursday, up from less than 25% earlier in the week.
Biden’s odds have moved inversely, from more than 55% on Monday to 30% at press time.
After White House Press Secretary Karine Jean-Pierre announced President Biden’s COVID-19 status, bettors on the decentralized prediction platform powered by Polygon swung in Harris’ favor. Biden bets still account for the lion’s share of the roughly $129.9 million locked into the Polymarket contract through August 21.
Additionally, the odds of Biden dropping out of the race jumped to 74% in a separate outcome titled “Is Biden Dropping Out of the Race?” Cryptocurrency speculators are increasingly confident that Biden will drop out due to health issues. On Wednesday, the incumbent told BET News that only health reasons would prompt such an event.
Meanwhile, defi degens have also been investing in political events as the US election events weigh on crypto activity. Memecoins, inspired by Biden’s supposed Democratic Party surrogates, have surged. Data showed that PolitiFi’s misspelled memecoins like Gabin Noosum (NOOSUM) and Kamala Horris (KAMA) have more than doubled in the last 24 hours.
However, Trump coins fell by up to 15% as the former president continued his pro-crypto campaign. Donald Trump’s change of heart remains controversial due to his previous anti-crypto rhetoric and reports that he nearly banned Bitcoin (BTC) during his first stint in the White House.
