Vice President Kamala Harris has seen an increase in her chances of becoming the Democratic presidential nominee for 2024, as reflected on Polymarket, a crypto betting platform.
Polymarket traders drove the price of "Yes" shares in a contract questioning Harris' nomination to nearly 38 cents.
This signals a 35% probability of Harris securing the nomination, up from just 8% early July 2.
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Despite President Joe Biden being the expected nominee, there is growing pressure among some supporters for Harris to take over, especially after Biden's underwhelming performance in a recent debate against Donald Trump, the likely Republican candidate.
Among those pushing for Harris to take a more prominent role is former Congressman Tim Ryan, who wrote in Newsweek that she was the Democratic party's "best path forward." Meanwhile, the Wall Street Journal identified Harris as "Biden’s likeliest replacement."
Congressman James Clyburn also voiced his support, stating:
We should do everything we can to bolster her, whether it's in second place or the top of the ticket.
Reflecting this sentiment, KAMA, a memecoin named after Harris, saw its price increase by 132% within the past 24 hours.
On July 2, Polymarket saw over $5.7 million in transactions, marking its fifth-highest trading day in the past three months, based on Dune data. The platform's largest contract, with more than $213 million in bets, focuses on predicting the winner of the US presidency in November, with Donald Trump currently holding a 64% chance of winning.
Harris' rising odds on prediction markets indicate increasing support among traders and political commentators for her potential candidacy.
In other news, on June 18, rumors of the launch of an "official" Donald Trump coin caused Trump-related memecoins to drop.
