The odds that Harris will represent Democrats in the November election rose to 52% on Thursday, compared with less than 25% earlier in the week. Biden’s odds moved in the opposite direction, falling from over 55% on Monday to 30% when the news broke.

After White House Press Secretary Karine Jean-Pierre made a statement about President Biden’s COVID-19 status, bettors on the Polygon-based decentralized prediction platform on Polymarket turned to Harris. Bets on Biden still make up the lion’s share of the roughly $129.9 million locked up in the Polymarket contract through Aug. 21.

Also, “Will Biden withdraw from the presidential race?” In a separate result called , the probability of Biden dropping out of the race was as high as 74%. Crypto speculators are increasingly confident that Biden will leave office due to health issues. On Wednesday, the incumbent president told BET News that only a medical condition would cause such an incident. This statement increased speculation that Biden’s health condition is serious and that he may therefore withdraw from the presidential race.

These predictions on Polymarket reflect public perception of Biden’s health condition and Harris’ rising profile. The potential for Harris to take on a more prominent role within the Democratic Party has attracted the interest of bettors, which has influenced the odds in the market. Harris’ advocacy for key policies and leadership in the face of various crises throughout Biden’s presidency have led her to be seen as a strong contender for the Democratic nomination.

Meanwhile, defi (decentralized finance) enthusiasts are also trying to benefit from political events by investing in US election developments. Meme coins inspired by Biden’s possible replacements within the Democratic Party are on the rise. Data showed that misspelled PolitiFi meme coins such as Gabin Noosum (NOOSUM) and Kamala Horris (KAMA) more than doubled in the last 24 hours. The popularity of these meme coins is indicative of investors’ quick reactions to political events.

However, Trump coins fell as much as 15% as former President Trump continued on his pro-crypto campaign trail. Donald Trump’s change in stance remains controversial due to his previous anti-crypto rhetoric and reports that he nearly banned Bitcoin (BTC) during his first White House term. Trump’s inconsistent stance on cryptocurrencies shook investors’ confidence, causing Trump coins to lose value.

Biden’s health condition and its impact on the 2024 elections also caused significant fluctuations in the crypto markets. Crypto speculators have a strong belief that Biden will withdraw from the presidential race due to health problems. If Biden withdraws, Harris’ candidacy could mean a significant change for the Democratic Party, which could create new investment opportunities in crypto markets.