Crypto community speculates on Biden replacements with new memecoins

The odds of President Joe Biden withdrawing from the presidential race reached an all-time high of 80% on the blockchain-based predictions platform Polymarket, beating out the previous peak of 70%. The over 60% rise in 24 hours was a result of the news that the president has been diagnosed with COVID-19.

Also Read: Donald Trump picks Bitcoin-owning JD Vance to be his VP

The new peak suggests that more crypto bettors are counting on him to drop out ahead of the Democratic Party convention in August. However, there are no signs that Biden is considering dropping out, particularly after his recent insistence that he is the only one who has beaten Trump before.

Biden says he will drop out under this condition

The odds of Biden withdrawing increased after his COVID-19 diagnosis due to his statement in a BET News interview with Ed Gordon. When asked whether anything could lead him to drop out, Biden said that only a severe medical condition can make that happen.

“If I had some medical condition that emerged. If doctors came to me and said, you got this problem and that problem,” he said.

However, it is unlikely that COVID-19 would qualify as such a medical condition. Biden also said during the interview that there is more to do, and he is reluctant to walk away from the race. His campaign team has also insisted that he has no plans to withdraw. As his deputy campaign manager Quentin Fulks said, “He is not wavering on anything.”

Talks about Biden dropping out of the race gained momentum after a poor performance in the debate against Trump. Even Biden admitted that he flopped in the debates. However, he blamed it on his intense travel schedule and jet lag and has insisted on multiple occasions since then that he will run no matter what.

With the new disclosure about his health, pressure will likely return for him to step down, especially within the Democratic Party. Media reports claim that key figures, including former president Barrack Obama, former speaker Nancy Pelosi, and Senate majority leader Michael Schumer, warned Biden that his insistence on running could cost Democrats the chance to regain control of the House of Representatives.

Memecoins of potential Biden replacements rally

Meanwhile, the crypto community is capitalizing on the uncertainty to create new memecoins inspired by potential replacements. Kamala Horris KAMA and Gabin Noosum NOOSUM, both misspelled names of Biden’s most likely replacements, have seen significant gains over the past day. According to Dexscreener data, NOOSUM is up 124%, while KAMA jumped 91% during the reporting period.

However, existing PoliFi tokens such as Jeo Boden BODEN and Donald Trump MAGA have fallen during the same period. BODEN is down 30%, while MAGA fell 10%. Doland Tremp TREMP also declined by 8%. These declines highlight the volatile nature of memecoins, particularly how the market always jumps on the next shiny thing.

While Trump-inspired tokens might be declining, the odds of Trump winning the election are increasing. Polymarket odds show a 66% chance for Trump, which seems to align with mainstream opinion. The former president is gaining a more substantial following within the crypto community after his pro-crypto moves and declarations, including the plan to speak at the Bitcoin Conference and the choice of a Bitcoin holder as his running mate.

Also read: Polymarket shows growing appetite for prediction platforms

These have earned him the endorsement and donation of several stakeholders, including a16z founders Ben Horowitz and Marc Andreessen, who described themselves as single-issue voters with crypto as the issue. Gemini exchange founders Tyler and Cameron Winklevoss have donated about $1 million each to his campaign.

However, Trump’s support has also led to controversy within the crypto community, especially as some people have called for caution. The latest person to talk about the risks is Ethereum co-founder Vitalik Buterin, who warned in a blog post that people need to consider whether a pro-crypto candidate is pro-crypto for the right reasons. He stated:

“If a politician is in favor of your freedom to trade coins, but they have said nothing about the topics above, then the underlying thought process that causes them to support the freedom to trade coins is very different from mine (and possibly yours).”

Vitalik argued that such a pattern “implies a high risk that they will likely have different conclusions from you on issues that you will care about in the future.”

Many users have criticized the post, arguing that pro-crypto candidates must be elected before discussions about good crypto policies occur. They also argue that voting against candidates who are clearly anti-crypto is necessary. However, others believe Buterin’s opinion is right, noting that voters must ensure the candidate’s pro-crypto principles align with core crypto ethos rather than just paying lip service to the industry.