Rumors of Biden's withdrawal from the race are spreading, causing a 20% drop in meme coins like TrumpCoin. Will Harris be the next in line?

Following the conclusion of the first presidential debate in the United States, both candidates, who were widely perceived to have performed poorly, saw their related meme coins plummet by over 40% in the past week. In contrast, the KAMA token associated with the current Vice President of the United States surged over 700% in price post-debate.

Political meme winds blowing, Biden's BODEN and Trump's TRUMP showing different trends?

Trump and Biden Meme Coins Plummet

According to data from Coingecko, meme coins related to political themes on Web3, under the category of political finance, have seen significant declines since the US presidential candidate debate on the 27th of last month.

Following Biden's perceived poor performance in the debate with Trump, including hoarse voice and occasional lack of logic, the meme coin named BODEN, similar to Biden's name, has plummeted over 27% in the past day and 73% in the past week.

Although Trump's support has increased after the debate, the corresponding meme coin TREMP has also dropped over 17% in the past 24 hours and 42.8% in the week.

Popular Alternative to Biden: KAMA Soars

Interestingly, according to data from Dexscreener data, it seems that on Solana, there is a meme coin called KAMA based on the current US Vice President Kamala Harris, which has surged over 780% in price since the debate, with its market value skyrocketing from $3.5 million to $11.7 million.

At its price peak in the past few days, KAMA's market value even reached $22.2 million.

Generally, the popularity of meme coins, although not an absolute representation of voters' opinions, also subtly reflects the international tendency towards Harris replacing Biden.

Calls for Withdrawal Rise, What Will Biden Choose?

Despite the increasing support for Harris, rumors of replacing the candidate have not been confirmed.

However, according to data from the US polling aggregation site FiveThirtyEight data, Trump is currently leading Biden by about 2.3%.

Furthermore, a report from CNN also indicates that most voters believe Biden is too old to be president:

75% of voters participating in the poll believe that if someone other than Biden becomes the Democratic presidential candidate, the party will have a better chance of winning the 2024 presidential election.

In addition, prediction market Polymarket has seen related bets indicating a 64% probability of Biden dropping out, a number that sharply rose after Biden's debate loss.

In response, Biden admitted the need to prove his governing ability to maintain his candidacy, but under pressure, he emphasized that he will not withdraw from the race:

No one is pushing me out right now, so I'm not going to leave. I will campaign to the end.

Hayden Adams: Polymarket Has Become a Hotbed for Insider Information

Meanwhile, Uniswap founder Hayden Adams tweeted:

The prediction market on Polymarket regarding the Democratic nominee is erupting, and currently, the market is essentially a place for anonymous insider information leaks.