As the US President Joe Biden announced his withdrawal from the re-election campaign, Vice President Kamala Harris has become a strong contender for the Democratic Party's nomination.

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

In her statement, Harris said, "I am honored to have the President's support. My goal is to win this nomination and make every effort to unite the Democratic Party, unite the country, and defeat Donald Trump and his extreme 2025 plan."

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

Harris's Attitude Towards Crypto

While Trump has shown a friendly attitude towards cryptocurrencies this year, Harris's position remains unclear. She has never made formal comments on cryptocurrencies or blockchain technology. For more information, see "What is Vice President Harris's stance on cryptocurrency?".

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

However, during the 2020 campaign, Harris hired Ryan Montoya, former Chief Technology Officer of the Sacramento Kings, as her scheduling and advance director.

Under Montoya's leadership, the Sacramento Kings became the world's first sports team 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 in the White House, while also retaining his original scheduling role. Therefore, he is unlikely to have an impact on policy.

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

With the increasing lobbying activities in the cryptocurrency industry and representatives from Wall Street banks joining the fray, Harris openly supporting Bitcoin before a tough presidential election may be meaningful. After all, the cryptocurrency industry has invested millions of dollars to influence Washington's politics, and Congress has passed a series of policies supporting cryptocurrencies.

Of course, she may also adopt the same policy as Biden and take a dismissive attitude towards cryptocurrencies.

With Biden's withdrawal, Harris's nomination odds have 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 support for cryptocurrencies and will speak at the upcoming Bitcoin conference to further elaborate on his plans.

Harris's campaign strategy is still to be observed. If she can effectively leverage the support of the cryptocurrency industry, it will help her gain an advantage in the competition with Trump. However, whether she will take a reserved attitude towards cryptocurrencies like Biden, or actively embrace this emerging technology, remains to be seen.

Which Related Concept Coins to Pay Attention to?

In May, during the "fierce confrontation" between Trump and Biden, BlockBeats predicted in the article "How to seize the best time to speculate on meme coins in the US election? Key timing and concept coin analysis" that Harris might become the market's focus, especially in the event of Biden's poor health after being elected.

So, in the current situation, which tokens are worth paying attention to? The following tokens are only presented as a train of thought in this article and should not be considered as investment advice.

$HERRIS

Currently, this is the highest consensus Harris-related concept coin on the Ethereum chain, with the largest market value on the Ethereum chain, currently at $4.1 million. After Biden announced his withdrawal from the campaign, the price of $HERRIS reached a new high of $0.012, and the market value once approached $1 billion, but then experienced a significant retreat.

This coin also seems to have strong meme attributes, similar in style to the previously popular meme series.

$KAMALA

There is also a $KAMALA on Ethereum, which to some extent diverted some of the liquidity from $HERRIS, with a current market value of $2 million.

After the news of Biden's withdrawal and the selection of Harris, the trading volume of $KAMALA once surpassed $HERRIS, but it has now been overtaken by $HERRIS.

$KAMA

$KAMA is on the SOLANA chain, and its price doubled within minutes of Biden's announcement of withdrawal, breaking through $0.0257, reaching a historical high, and is currently priced at $0.01718, with a 24-hour increase of 55%. The current market value is also the largest, reaching $20 million, almost four times that of the previous Biden-inspired coin, BODEN.

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

Therefore, based on previous election situations, Ethereum-based assets seem to be more resilient, while Solana may not "last overnight," but this time, Harris-related TOKENs are performing better on Solana.

Bets on Polymarket

In addition, there have been significant changes in the odds and prices of multiple betting wagers on Polymarket, which are also worth paying attention to and participating in.

For example, the left side of the image shows the current odds for the winner of the 2024 presidential election: Donald Trump's odds are 63%, with a total bet of $39,900,936; Kamala Harris's odds have risen to 30%, with bets totaling $21,929,234; Michelle Obama's odds are 3%, with bets totaling $18,657,072.

In the right side of the bet, the odds for the 2024 Democratic Party candidate are as follows: Kamala Harris's odds have reached 84%, with a total bet of $21,840,045. The total probability for other candidates (including Whitmer) is 8%; Michelle Obama's odds are 5%; Hillary Clinton's odds are 2%.

Note: Most meme speculation carries extremely high risks and has no practical value. This article is only recorded as a train of thought and should not be considered as investment advice.

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