With the election season coming up in November, back-to-back developments are unfurling at the intersection of politics and crypto. Joe Biden, for instance, is looking to hire a meme manager, while Donald Trump has officially started accepting crypto donations, and to top it all, both of them have agreed to debate against each other.
While the politicians are out there trying to make their case and win the appeal of the masses, investors have been busy placing bets on who will clinch and walk away with the next presidential title. On decentralized prediction platform Polymarket, investors seem to be biased toward Trump. As illustrated below, the odds of him getting re-elected have reached a new all-time high of 56%. Contrarily, only 39% are in favor of Biden at the moment. The remaining 5% remain divided between Michelle Obama and Robert F Kennedy Jr.
Back in March, a poll had revealed that the former First Lady of the United States was the top choice to replace Joe Biden as the Democratic party’s candidate. However, her office immediately put all the speculations to bed and announced that she would not be running for president this year.
Volatility Persists in PolitiFi Sector
Tokens from the PolitiFi subset - a meme coin category consisting of politicians - have now become one of the most talked about coins. This sector already boasts of an aggregate valuation of $845 million, with MAGA [TRUMP], Jeo Boden [BODEN], Doland Tremp [TREMP], and Independence Token [RFKJ] being the most prominent coins. While the first has risen by 8% today, the other three have dipped by 11% each over the past day.
Apart from the aforementioned coins, several other meme versions like BABYTRUMP, FreeTrump, Jill Boden, Ruburt F Kenidy Jr, Pepe Trump, and Alickshundra Occasional-Cortex have been floating around in the market of late.
