# As Joe Biden Ends Run, Crypto Reacts Onchain

*Author: David Christopher*
*Published: Jul 22, 2024*
*Source: https://www.bankless.com/biden-drops-out-kama-boden*

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Yesterday, Joe Biden announced he would not seek re-election and would drop out of the race, a move that ignited plenty of conversation and a lot of onchain activity.

## What's the scoop?
-  **Who Will Get the Nomination?:** [Polymarket](https://polymarket.com/event/democratic-nominee-2024?tid=1721662594938) shows Kamala Harris, who Biden endorsed, with an 83% chance of receiving the nomination, Michelle Obama at 9%.
- **Market Activity:** Election-related contracts on Polymarket surpassed $28M in daily volume on Sunday. Over [$500M](https://www.coindesk.com/markets/2024/07/22/polymarket-trading-explodes-as-2024-election-enters-uncharted-territory/) is tied up in election contracts on the platform, with the market for the U.S. presidential election winner sized at $319M and the Democratic nominee market at over $212M.
- **The End of BODEN:** [BODEN](https://www.coingecko.com/en/categories/politifi) began to plummet on Biden's announcement, dropping ~60% over the past 24 hours. Trump memecoins responded positively though, with TREMP and DJT netting [10.5% and 6.5% gains](https://decrypt.co/240807/trump-meme-coins-rise-as-biden-bows-out-of-2024-us-presidential-race).
- **KAMA gains**: In the immediate aftermath of Biden’s decision before his official endorsement of VP Kamala Harris, a [Gavin Newsom-themed token](https://www.coingecko.com/en/coins/gabin-noosum) caught a quick 4x, before retracing it completely after the party rallied around Harris. As of this morning, the Kamala-themed token, KAMA, is up 56%, though it is still not the largest gainer. OBEMA, for Michelle Obama, stands in first place with a [~100% gain](https://www.coingecko.com/en/categories/politifi) over the past 24 hours.

## Bankless Take:
While crypto and the broader political establishment appears to be banking on a Trump win, Biden's dropout brings new uncertainty to the race. Overall, the reactions on Polymarket have become a new favorite among trusted media brands for gauging up-to-the-minute popular sentiment. Since these markets are highly speculative though, it’s still best to take them with a grain of salt.

![](https://lh7-us.googleusercontent.com/docsz/AD_4nXdzD6lAXUnZfo3DRlO17Hm2VAHgPKDlGSdbbeIkpmSdje3NYy9hogQOOHNkVuUktIWZ3O4QE5Goz5yB4OvQhhxhzapHtmQ9omRJLF5jxMEu6Fq4PXsqFM5c9DnkpNLVGdPtCUO8NMZubLWkgXfOndDoVSwy?key=KgfsbTu7OG7WuVKcTdQL4g)*via [Polymarket](https://polymarket.com/event/democratic-nominee-2024?tid=1721662693778)*
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