Polymarket | Biden's withdrawal probability approaches 90%, winning odds down to 4%

The decentralized prediction market platform Polymarket shows that the probability of Joe Biden dropping out of the race has risen to 80%, nearly doubling from the data of a few days ago.

Polymarket Overwhelmingly Bearish on Biden

81-year-old Biden recently tested positive for COVID-19, coupled with a poor performance in last month's debate, sparking a lot of speculation about Biden dropping out.

According to Axios report, several top Democrats and Biden's close friends and family are urging him to announce his withdrawal in the next few days, with increasing pressure.

As calls for Biden to drop out rise, Polymarket plunges 20% along with Trump meme coins, will Kamala Harris become the successor?

Just two days ago, the probability of Biden dropping out predicted on Polymarket was only close to 33%, but has since increased significantly.

Foreign Media: Obama Urges Biden to Consider Dropping Out

According to ABC report, in the past week, including Senate Majority Leader Chuck Schumer, many senior Democrats have advised Biden to step aside.

CNN also reported that former House Speaker Nancy Pelosi told Biden that polls show he can't beat Trump and he might jeopardize the Democrats' chances of winning House seats.

Furthermore, according to The Washington Post, former President Obama also cautioned Biden, believing that he needs to seriously consider the viability of running for re-election.

The potential pressure from all sides comes as the Democratic National Convention approaches, with Democrats set to nominate a presidential candidate at the convention in Chicago on August 19.

Users on Polymarket predict that current Vice President Kamala Harris will become the Democratic candidate, with the probability rising to 66%.

Meanwhile, Biden's chances of winning have dropped to 4% as shown below.

Additionally, related meme coins Kamala Horris KAMA and Gabin Noosum NOOSUM have increased by 31.5% and 124%, respectively.