Author: Jaleel Jialiu
Source: BlockBeats
With U.S. President Joe Biden announcing his withdrawal from the re-election race, Vice President Kamala Harris has emerged as a strong contender for the Democratic nomination.
Biden said in a statement that he would fully support Harris's campaign, which has been endorsed by former President Bill Clinton, former Secretary of State Hillary Clinton and cryptocurrency critic Senator Elizabeth Warren.
"I am deeply honored to have the President's endorsement, and my goal is to win this nomination and do everything I can to unite the Democratic Party, unite the country, and defeat Donald Trump and his extreme 2025 agenda," Harris said in a statement.
For friends in the crypto, the most important concern is Harris’ attitude towards encryption and which tokens are worth paying attention to. BlockBeats will introduce them below.
Harris's stance on encryption
While Trump has shown a friendly attitude toward cryptocurrencies this year, Harris’s stance is unclear. She has never officially commented on cryptocurrencies or blockchain technology.
Financial disclosures show that neither Harris nor her husband, Douglas Emhoff, has dabbled in cryptocurrencies, preferring to invest in Treasury bonds and emerging markets.
However, during the 2020 campaign, Harris hired Ryan Montoya, the former chief technology officer of the Sacramento Kings, as her director of scheduling and advancement.
Under Montoya, the Sacramento Kings became the first sports team in the world to accept Bitcoin — a fact he showcased on his LinkedIn page. The team also mined Ethereum and launched an NFT collection. Montoya now works as an assistant to the president in the White House, though he also retains his old scheduling role. As a result, he is less likely to have an impact on policy.
But Harris, who is from San Francisco, has close ties to the tech industry, and her nomination as vice president was seen as "good news" for Silicon Valley, The New York Times reported in 2020.
With cryptocurrency lobbying heating up — and Wall Street banks jumping in on the effort on behalf of the industry — it might make sense for Harris to publicly endorse Bitcoin ahead of a tough presidential race. After all, the crypto industry has invested millions of dollars to influence Washington politics, and Congress has passed a slew of pro-crypto policies.
Of course, she could also pursue the same policies as Biden and take a cold stance on cryptocurrencies.
With Biden's withdrawal, Harris's chances of being nominated have soared to 82% on the cryptocurrency prediction market Polymarket. Although former first lady Michelle Obama is also considered one of the potential candidates, her chances are only 4%. Trump continues to maintain his support for cryptocurrency and will give a speech at an upcoming Bitcoin conference to further elaborate on his plans.
Harris' campaign strategy remains to be seen. If she can effectively leverage the support of the cryptocurrency industry, it will help her gain an advantage in her competition with Trump. However, whether she will be as reserved about cryptocurrency as Biden is, or will actively embrace this emerging technology, remains to be seen.
What are the related concept coins?
In May, during the "fierce confrontation" between Trump and Biden, BlockBeats judged that Harris might become the focus of market attention, especially when Biden was in poor health after his election.
So in the current situation, what tokens are worth paying attention to? The following tokens are only used as ideas in this article and are not intended as investment advice.
$HERRIS
Currently, this is the Harris-related concept coin with the highest consensus on the Ethereum chain, and its market value is also the largest on the Ethereum chain, currently at $4.1M USD. After Biden announced his withdrawal from the election, the price of $HERRIS reached a new high of $0.012, and its market value was close to $1 billion, but then there was a sharp retracement.
The meme attribute of this coin seems to be quite strong, and it is in the same style as the previously popular series of meme characters with tilted heads.
$KAMALA
There is also a $KAMALA on Ethereum, which has also diverted some of the liquidity of $HERRIS to a certain extent. The current market value is $2M USD.
After the news that Biden dropped out of the election and nominated Harris, $KAMALA's trading volume was once ahead of $HERRIS, but it has now been overtaken by $HERRIS.
$KAMA
$KAMA is on the SOLANA chain. Within minutes of Biden’s withdrawal, its price doubled, rising above $0.0257, setting a new all-time high. It is now quoted at $0.01718, up 55% in 24 hours. It also has the largest market capitalization at $20M USD, almost four times that of the previous Biden-inspired coin BODEN.
History shows that as the political landscape changes, a wave of new Harris and Biden-themed tokens will be created on meme coin platform Pump.fun. But most of these tokens are likely to quickly depreciate as buyers and sellers play pvp on the order book on the Solana (SOL) blockchain.
Therefore, judging from the previous elections, Ethereum’s token seems to be more solid and durable, while Solana “cannot survive overnight”, but this time the Harris-related TOKEN still performs better on Solana.
Betting on Polymarket
In addition, the odds and prices of multiple voting bets on Polymarket have also changed significantly, which are also worth paying attention to and participating in.
For example, the left side of the figure below shows the current odds of the winner of the 2024 presidential election: Donald Trump has a 63% chance of winning, with a total of $39,900,936 in bets; Kamala Harris's chance of winning has risen to 30%, with $21,929,234 in bets; Michelle Obama has a 3% chance of winning, with $18,657,072 in bets.
On the right, the odds of winning for the Democratic candidates in 2024 are as follows: Kamala Harris has an 84% chance of winning, with a total of $21,840,045 in bets. The other candidates (including Whitmer) have a total probability of winning of 8%; Michelle Obama has a 5% chance of winning; and Hillary Clinton has a 2% chance of winning.
Note: Most meme hype is extremely risky and has no practical value. This article is only a record of ideas and is not intended as investment advice.
