U.S. Vice President Harris announces she will replace Biden in the election. Which new tokens are worth paying attention to?

Author: Jaleel Jia Liu

Source: BlockBeats

With U.S. President Joe Biden announcing his withdrawal from the re-election campaign, Vice President Kamala Harris has become a strong contender for the Democratic nomination.

In a statement, Biden expressed his full support for Harris's campaign and received backing from former President Bill Clinton, former Secretary of State Hillary Clinton, and cryptocurrency critic Senator Elizabeth Warren.

Harris stated in her announcement, "I am honored to have the President's support. 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."

For friends in the crypto space, the most concerning issue is Harris's stance on cryptocurrency and which tokens to pay attention to. BlockBeats will introduce this in the following text.

Harris's Stance on Cryptocurrency

Trump has shown a friendly attitude toward cryptocurrency this year, while Harris's position remains unclear. She has never made formal comments on cryptocurrency or blockchain technology.

Financial disclosures show that both Harris and her husband Douglas Emhoff have not ventured into the cryptocurrency space, preferring to invest in government bonds and emerging markets.

However, during the 2020 campaign, Harris hired former Sacramento Kings CTO Ryan Montoya as her scheduling and advancement director.

Under Montoya's leadership, the Sacramento Kings became the first professional sports team in the world to accept Bitcoin—he showcased this fact on his LinkedIn page. The team also mined Ether and launched an NFT series. Montoya now serves as a presidential assistant at the White House but retains his original scheduling role. Therefore, he is unlikely to influence policy.

But according to a 2020 report by The New York Times, Harris, who hails from San Francisco, has close ties to the tech industry. Her nomination as vice president was seen as "good news" for Silicon Valley.

As lobbying efforts for cryptocurrency heat up—and Wall Street banks join the industry—Harris's public support for Bitcoin before a challenging presidential campaign could be significant. After all, the crypto industry has invested millions to influence Washington politics, and Congress has passed a series of pro-cryptocurrency policies.

Of course, she may also pursue the same policies as Biden and maintain a lukewarm attitude toward cryptocurrency.

With Biden's exit, Harris's nomination odds soared to 82% on the cryptocurrency prediction market Polymarket. While former First Lady Michelle Obama is also considered a potential candidate, her odds are only 4%. Trump continues to maintain his supportive stance on cryptocurrency and will speak at the upcoming Bitcoin conference to further elaborate on his plans.

Harris's campaign strategy remains to be seen. If she can effectively leverage support from the cryptocurrency industry, it will help her gain an edge in the competition against Trump. However, whether she will adopt a reserved attitude toward cryptocurrency like Biden or actively embrace this emerging technology remains to be tested over time.

What Related Concept Tokens Are There?

In May, during the "intense confrontation" between Trump and Biden, BlockBeats predicted that Harris might become the focus of the market, especially given Biden's declining health after his election.

So, in the current situation, which tokens are worth paying attention to? The following tokens are presented here as ideas and do not constitute investment advice.

$HERRIS

Currently, this is the most consensus-driven Harris-related concept token on the Ethereum chain, with the largest market cap at $4.1M. After Biden announced his withdrawal, the price of $HERRIS reached a new high of $0.012, with its market cap briefly approaching $1 billion, but then it saw a significant pullback.

This token also seems to have strong meme attributes, resembling the previously popular meme character style.

$KAMALA

There is also a $KAMALA on Ethereum, which has diverted some liquidity from $HERRIS, currently with a market cap of $2M.

After the news of Biden's withdrawal and Harris's nomination, the trading volume of $KAMALA briefly surpassed that of $HERRIS, but it has since been overtaken by $HERRIS.

$KAMA

$KAMA is on the SOLANA chain and doubled in price within minutes after Biden announced his withdrawal, rising above $0.0257 to reach an all-time high, currently priced at $0.01718, with a 24-hour increase of 55%. Its market cap is also the largest at $20M, nearly four times that of the previous Biden-inspired token BODEN.

Historical experience shows that with changes in the political landscape, a wave of new Harris and Biden-themed tokens will be created on the meme coin platform Pump.fun. However, most of these tokens may quickly depreciate as buyers and sellers engage in pvp on the Solana (SOL) blockchain's order book.

Therefore, based on previous elections, Ethereum-based tokens seem to be more resilient and enduring, while Solana tokens "cannot last overnight," but this time, the Harris-related tokens are performing better on Solana.

Bets on Polymarket

Additionally, the odds and prices for various voting bets on Polymarket have also changed significantly, which are worth paying attention to and participating in.

For example, the left side of the image below shows the current winning probabilities for the 2024 presidential election: Donald Trump's winning probability is 63%, with total bets reaching $39,900,936; Kamala Harris's winning probability has risen to 30%, with bets totaling $21,929,234; Michelle Obama's winning probability is 3%, with bets reaching $18,657,072.

On the right side, the betting odds for the 2024 Democratic candidate show that Kamala Harris's winning probability has reached 84%, with total bets amounting to $21,840,045. Other candidates (including Whitmer) have a total probability of 8%; Michelle Obama's winning probability is 5%; Hillary Clinton's winning probability is 2%.

Note: Most meme speculation carries significant risks and has no practical value. This article is only a record of ideas and does not constitute investment advice.