CoinWorld reports:
Mitchell Preffer Decrypts Illustrations
Despite widespread cryptocurrency user hostility towards Joe Biden’s cryptocurrency agenda, the legitimacy crisis this week proved to be two-fold for Biden — surprisingly, his primary concern was profiting in some way from the news.
On the cryptocurrency prediction market Polymarket, users have already wagered $326 million on questions related to the outcome of the 2024 presidential election and whether Biden will withdraw due to newfound concerns about his age and mental health.
This week, as political pundits and media figures debated fiercely over whether Biden would withdraw from the 2024 presidential race, Polymarket emerged as one of the first decisive places to address this issue. On Wednesday, Vice President Kamala Harris officially became the site’s most popular Democratic presidential candidate.
Cryptocurrency users quickly interpreted this development as incontrovertible evidence of Biden’s campaign failure.
As of Friday, Biden has reclaimed the top spot on the aggregate market as market fluctuations reflect ongoing political uncertainty in the United States. However, his overall prospects remain dim, causing continued distress among other Biden supporters. i.e., BODEN tokens.
The Solana meme coin is based on a distorted portrayal of the incumbent president and is almost certainly not intended to earnestly support Biden or his campaign efforts. In fact, negative reports involving Biden — including his son Hunter’s conviction last month — had previously fueled this momentum.
But recently, Boden’s fate appears linked to whether Biden will continue to participate in the 2024 election. On Wednesday, Boden plummeted over 38% within 24 hours as the eligibility crisis for presidential candidates entered a new phase.
Token holders — whether willing or not — found themselves this week as supporters of a politician they once enjoyed mocking. Some Boden holders sought a glimmer of hope, predicting that if Biden finds a path forward in the coming weeks, the token will reach unprecedented highs.
Similarly, Solana meme tokens themed around Kamala Harris surged nearly 400% this week, turning another group of cryptocurrency traders into overnight amateur political experts.