The cryptocurrency news world has been abuzz with the latest developments surrounding the upcoming U.S. presidential election in 2024. According to the decentralized prediction market platform Polymarket, the odds that President Joe Biden will drop out of the race have reached a staggering 39%.
Polymarket’s Predictions
The “Biden drops out of presidential race?” bet on Polymarket has attracted nearly $7.1 million worth of wagers from users. The price of the “yes” bet soared to its highest-ever level following the recent presidential debate between Biden and his Republican opponent, former President Donald Trump.
The debate, which was described as “flat” and “unclear” by a BBC report, has seemingly worsened concerns surrounding Biden’s ability to serve another four-year term. The Guardian reported that the Democratic Party is considering Biden’s performance as a “liability,” although replacing him is deemed “very unlikely.”
Meme Token Impacts
The rising doubts about Biden’s candidacy have also been reflected in the performance of Jeo Boden, a meme token themed after the U.S. President. The token has seen a 26% decline in price over the past 24 hours, according to CoinGecko. Other politics-themed tokens, including those named after Trump, have also experienced similar dips during this time period.
Upcoming Election
The next U.S. presidential election is scheduled to take place on November 5, 2024. With the Polymarket prediction market indicating a 39% chance of Biden’s withdrawal, the political landscape and its impact on the cryptocurrency market remain intriguing to observe in the coming months.