President Joe Biden has endorsed Vice President Kamala Harris as the Democratic nominee for the 2024 U.S. presidential election after announcing his decision to end his reelection bid.

However, this endorsement has triggered significant movements in both prediction markets and cryptocurrency spaces.

President Joe Biden has endorsed Vice President Kamala Harris as the Democratic nominee for the 2024 U.S. presidential election after announcing his decision to end his reelection bid.

However, this endorsement has triggered movements in both prediction markets and cryptocurrency spaces.

My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term.

My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best… pic.twitter.com/x8DnvuImJV

According to Dexscreener data, the price of Kamala Harris memecoin (KAMA) initially surged by 110.4%, but later dropped to an 84% increase. The memecoin is currently trading at $0.01970, with a market cap reflecting a fully diluted valuation of $19 million.

Meanwhile, data from the prediction market website Polymarket shows a 31% chance of Harris securing the Democratic nomination, which is supported by over $20 million in bets. In comparison, other potential nominees trail considerably, with Michelle Obama at 2%, Gavin Newsom at 1%, and Hillary Clinton at 5%. However, Ex-president Donald Trump still holds the top position with 63% odds.

Other political meme coins also reacted to the news as well. The Gavin Newsom (NOOSUM) coin decreased by 24%, now valued at $0.0006687. Similarly, President Joe Biden (BODEN) coin dropped by 61% to $0.009168.

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