After Biden's withdrawal, PolitiFi: $BODEN evaporates tens of millions in market value, Polymarket gamblers lose $2 million.

Following President Biden's announcement to withdraw from the 2024 U.S. presidential election, meme tokens related to Biden immediately plummeted by over 60%, causing a market value loss of over tens of millions of dollars in a single day. Current Vice President Kamala Harris's candidacy as the Democratic presidential candidate in place of Biden has been gaining momentum, leading to a doubling of the token prices and winning probabilities on Polymarket.

Biden Withdraws from the Race! Biden Steps Down from the U.S. Presidential Election: Passing the Torch

Biden Meme Coins Plummet Over 60%

According to Coingecko data, meme coins related to Biden experienced a sharp decline of over 60% within 24 hours after Biden announced his withdrawal from the presidential race.

As of the time of writing, tokens such as BODEN referencing Biden dropped by 61.6%, JILLBODEN representing his wife Jill Biden plummeted by 75.7%, and LAPTOP associated with his son Hunter Biden also saw a 61% decline.

Furthermore, the market cap of BODEN evaporated from $11.36 million to $6.19 million within a few hours, while JILLBODEN and LAPTOP now only have market caps of $18,000 and $70,000, respectively.

Kamala Token KAMA Price Doubles Again

Meanwhile, meme coin KAMA related to current Vice President of the United States Kamala Harris surged by 133% within hours, as she is widely seen as a potential alternative to Biden and a Democratic presidential candidate.

At the time of publication, KAMA had retraced by 24.3% from its 24-hour high but still showed an impressive 80.6% increase for the day.

Biden's withdrawal leads to a 20% drop in Trump meme coins, will Kamala Harris become the successor?

Crypto Community Optimistic about Kamala Harris as Democratic Candidate

On the other hand, according to a survey on the prediction market Polymarket, Kamala Harris is also favored as a potential replacement for Biden, with a probability as high as 84%.

Additionally, support for former U.S. First Lady Michelle Obama and Hillary Clinton stands at a mere 7% and 2%, respectively.

As Kamala Harris's candidacy gains momentum, Trump's chances of winning the U.S. election have decreased to 64%, while Kamala's odds have risen from 23% two days ago to 30%.

Polymarket | Biden's withdrawal probability approaches 90%, with only 4% chance of winning

User Loses $2 Million on Polymarket

However, following Biden's announcement of withdrawal, a Polymarket user who was extremely bullish on Biden ended up losing nearly $2 million.

Reportedly, a trader known as "AnonBidenBull" bet on Biden to secure the Democratic presidential nomination, win the national popular vote, and the 2024 U.S. election, but now all three positions are nearly worthless, resulting in a loss of $1.991 million.