Joe Biden Resigns, Polymarket Favors Kamala Harris

Bittime - The political map of the United States experienced major shocks. This comes after President Joe Biden announced his withdrawal from running for president for a second term. 

This surprising decision opened up new opportunities for other candidates. Vice President Kamala Harris has now emerged as the frontrunner to become the Democratic presidential candidate. Apart from that, Polymarket is also supporting Harris as a candidate for the next US president.

Joe Biden's Decision to Resign

On Sunday, Biden announced his decision to end his renomination campaign. This announcement immediately set off a chain reaction in various sectors, including political prediction markets and crypto markets. 

Polymarket, a market prediction platform, noted a significant shift in the odds of potential candidates.

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Kamala Harris, who has served as Biden's vice president, is now in the strongest position to become the Democratic Party's presidential candidate. Biden himself has given full support to Harris via tweets on the social media platform X (Twitter). 

"Today I want to offer my full support and recommendation to Kamala to be our party's nominee this year. Democrats - it's time to unite and defeat Trump. Let's do this," Biden wrote.

Biden's decision to step down comes after weeks of facing pressure from various parties, including more than a dozen members of his own party. 

This criticism intensified after Biden's performance which was considered disappointing in the debate last June.

Biden-Themed Meme Coin Prices Plummet 

The impact of this announcement was also felt in the crypto market, especially in meme coins associated with presidential candidates. BODEN, a meme coin poking fun at Biden, saw its price drop by almost half. 

Meanwhile, KAMA, the coin associated with Harris, has doubled. TREMP, a coin referring to former President Donald Trump, also saw an increase of more than 20%.

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Bitcoin, the largest crypto asset, experienced fluctuations, falling below $66,000 before finally rising above $67,000.

Kamila Harris thanks Biden's Support

Responding to Biden's endorsement, Harris stated, "I am honored to have the President's endorsement and my intention is to obtain and win this nomination. I will do everything in my power to unite the Democratic Party – and unite our nation – to defeat Donald Trump and the Project's extreme agenda 2025."

The 2024 presidential election, which will also determine the composition of the US House of Representatives and Senate, will take place in November. With Biden's resignation, the US political competition map is now entering a new phase that is more dynamic and full of surprises. 

The US public and the world now await further developments in this political contest. The 2024 US election itself will greatly determine the direction of the superpower's policy for the next four years.

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