The likelihood of President Joe Biden withdrawing from the upcoming U.S. presidential election has reached 35%, according to decentralized prediction market platform Polymarket.
After Biden’s lackluster debate performance against former President Donald Trump on Thursday, July 27, there has been a notable surge in activity on the Polymarket prediction platform.
Gamblers are particularly keen on whether Biden will drop out of the presidential race, wagering more than $7.1 million on “yes.”
The debate, which the BBC critiqued for being dull and unclear, has intensified doubts about Biden’s ability to serve another term, casting his performance as a liability within the Democratic Party. Much of the Commander-in-Chief’s performance was shaky, and some of his responses were deemed “nonsensical.”
Throughout the 90-minute debate, Biden often appeared on the defensive, struggling to counter Trump’s false claims and complete sentences.
The New York Times editorial board called Biden an “admirable president” under which the nation “prospered“.
“But the greatest public service Mr. Biden can now perform is to announce that he will not continue to run for re-election,” the publication stated.
Biden also acknowledged his age-related limitations and raspy voice but emphasized his commitment to truth and integrity. However, the damage was done, as the debate revealed his difficulties communicating with the public and outlining a clear vision for a second term.
The next U.S. presidential election is slated for Nov. 5, and its outcome could profoundly affect the nation’s trajectory.
Jeo Boden (BODEN) token faces a significant decline
The Jeo Boden (BODEN) meme token, named after Biden, saw significant negative price volatility during the debate, dropping over 53% and falling from 17 cents to 8 cents, before partially recovering to 9 cents.
Presently, BODEN is trading at 5 cents, marking a 29.7% decline in the past 24 hours.
This steep drop in BODEN’s price highlights how political meme coins are sensitive to public perception and events involving the candidates.
Although neither Biden nor Trump discussed cryptocurrency during the debate, the market reacted to their performance and perceived strengths.
Over the past seven days, BODEN has underperformed compared to other assets in the cryptocurrency market, with a decline of 50.9%. In contrast, the global crypto market dropped by 3.60%, while similar meme cryptocurrencies saw a 4.20% increase, according to data available on CoinGecko.
Despite BODEN’s decline, Bitcoin (BTC) rose 1.1% during the 90-minute debate. The Bitcoin (BTC) price hovers around the $60,864 price region at press time.
The BODEN coin is not affiliated with Biden or the White House.