US President Joe Biden speaks during a press conference at the close of the 75th NATO Summit at the Walter E. Washington Convention Center in Washington, DC on July 11, 2024.
US President Joe Biden speaks during a press conference at the close of the 75th NATO Summit at the Walter E. Washington Convention Center in Washington, DC on July 11, 2024. AFP

KEY POINTS

  • Two House Democrats reportedly said Biden may drop out of the race in three to five days
  • A pressure campaign is underway in the Democratic Party after the President tested positive for Covid-19
  • $NOOSUM saw an overwhelming 122% spike, and $KAMA surged by over 43%
  • $AOC also soared by 42%, and $OBEMA increased by over 79% after a weeklong rally of 67%

The pressure on President Joe Biden to withdraw from the 2024 presidential race has spiked higher than before, and amid a new report that he will make an announcement as soon as this weekend, Democratic-themed memecoins have made their move.

Poll shows majority of Democrats want Biden out

A new AP-NORC poll found that 65% of Democrats want Biden to pull out of the presidential race – notably, most of the survey was completed before the Pennsylvania shooting attack targeting Donald Trump that boosted the Republican presidential candidate's popularity.

Since Biden's disastrous performance at the first U.S. presidential debate, his popularity has plunged to the lows and concerns about his age and fitness for office increased.

Biden to announce withdrawal this weekend?

Two senior House Democrats said they believe the incumbent president will leave the race in three to five days, CBS News reported late Thursday. The lawmakers did not have an exact timeline to provide, but they said a pressure campaign among top lawmakers in the Democratic Party was underway.

As of Thursday night, a total of 22 congressional Democrats have urged the 81-year-old leader to step aside from the race and allow someone more fit for the job to step up, as per the report.

The pressure campaign among Democrats comes after Biden tested positive for Covid-19 Wednesday. He has mild symptoms and revealed he will be isolating but will "continue to work to get the job done for the American people."

Democratic-themed memecoins surge

As news of Biden's potential withdrawal announcement emerged, some memecoins based on Democratic politicians spiked significantly, including Gabin Noosum ($NOOSUM), which saw a staggering 122.1% increase in the last 24 hours as per CoinGecko data. $NOOSUM is based on Democratic California Gov. Gavin Newsom.

$NOOSUM late July 18 2024
$NOOSUM has been up by nearly 41% in the last seven days. CoinGecko

Alickshundra Occasional-Cortex ($AOC), which is based on New York Rep. Alexandria Ocasio-Cortez, surged by over 42%, while Kamala Horris ($KAMA), the token themed around Vice President Kamala Harris, spiked by 43.8%.

Dem memecoins late July 18 2024
Three other Democratic-themed memecoins surged in the last 24 hours. CoinGecko

Among the top gainers in the last 24 hours was the obema ($OBEMA) coin, based on former President Barack Obama. The memecoin soared by 79.7% in the last day and has been up by more than 67% in the past week.

Polymarket traders bet on Harris

On Polymarket, where traders buy and sell cryptocurrencies to bet on the likelihood of future events taking place, Harris' chances of becoming the 2024 Democratic Presidential Nominee have climbed to 65% compared to 15% for Biden as of early Friday.

Polymarket Dem Nominee 2024 early July 19 2024
VP Kamala Harris' chances of being chosen as the Democratic presidential nominee in 2024 was at 65% among Polymarket traders early on Friday. Polymarket

It remains to be seen when Biden will drop out of the presidential race, or if he will. It is also unclear which specific replacement the Democratic Party has its eye on, but at least on Polymarket, Harris is a strong contender.

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