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Kamala Harris leads as Biden exits White House race: Political meme coins react

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Political meme coins reacted to President Joe Biden’s decision to end his reelection bid for the 2024 U.S. presidential election and endorse Vice President Kamala Harris as the Democratic nominee.

Minutes after Biden’s announcement, the cryptocurrency market for political meme coins experienced notable fluctuations.

The Kamala Horris meme coin surged by 110.4%, trading at $0.02403, with a market cap reflecting its fully diluted valuation of $23,921,482. This coin’s performance highlights growing investor confidence in Harris’s political future.

Polymarket data

According to data on the prediction market website Polymarket, there’s a substantial 79% chance of Harris clinching the nomination. This is evidenced by a staggering $18,908,527 bet on her success.

Other potential nominees trail significantly behind, with Michelle Obama garnering a 4% chance ($19,302,020 bet), Gavin Newsom at 2% ($15,979,985 bet), and Hillary Clinton also at 5% ($18,455,915 bet). 

See below.

Biden exits, endorses Kamala Harris as Democratic nominee: Political meme coins react - 1
Possible Democratic nominees chances | Source: Polymarket

Biden, despite his withdrawal, still has a residual presence with less than a 1% chance, backed by $43,852,015 in bets.

The presidential election outlook also paints a compelling picture. The Republican nominee, Ex-President Donald Trump, is currently the favored candidate to win the presidency, holding a 65% chance with a $38,199,991 bet in his favor.

Harris follows with a 31% chance, indicated by $20,334,256 in bets.

Biden exits, endorses Kamala Harris as Democratic nominee: Political meme coins react - 2
Possible presidential election winner 2024 | Source: Polymarket

Other Democratic contenders like Newsom, Clinton, and Michelle Obama each have a slim 2% chance of victory.

Political tokens react to Biden news

The Gabin Noosum (NOOSUM) coin has plummeted by 72.1%, now valued at $0.000296.

The Jeo Boden (BODEN) coin has also faced a significant drop, decreasing by 55.1% to $0.0106. These declines suggest a shift in market sentiment away from these figures as the political landscape shifts.

Biden exits, endorses Kamala Harris as Democratic nominee: Political meme coins react - 3
Kamala Horris 24-hour price chart | Source: CoinGecko

With the Democratic primary heating up and the general election on the horizon, all eyes are on Kamala Harris as she navigates the path to potentially becoming the next President of the United States. 

The interplay between political developments and the volatile world of meme coins underscores the unique and unpredictable nature of the 2024 election cycle.



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Bitcoin

Metaplanet makes largest Bitcoin bet, acquires nearly 620 BTC

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Tokyo-listed Metaplanet has purchased another 9.5 billion yen ($60.6 million) worth of Bitcoin, pushing its holdings to 1,761.98 BTC.

Metaplanet, a publicly traded Japanese company, has acquired 619.7 Bitcoin as part of its crypto treasury strategy, paying an average of 15,330,073 yen per (BTC), with a total investment of 9.5 billion yen.

According to the company’s latest financial disclosure, Metaplanet’s total Bitcoin holdings now stand at 1,761.98 BTC, with an average purchase price of 11,846,002 yen (~$75,628) per Bitcoin. The company has spent 20.872 billion yen in total on Bitcoin acquisitions, the document reads.

The latest purchase is the largest so far for the Tokyo-headquartered company and comes just days after Metaplanet issued its 5th Series of Ordinary Bonds via private placement with EVO FUND, raising 5 billion yen (approximately $32 million).

The proceeds from this issuance, as disclosed earlier, were allocated specifically for purchasing Bitcoin. These bonds, set to mature in June 2025, carry no interest and allow for early redemption under specific conditions.

Metaplanet buys dip

The company also shared updates on its BTC Yield, a metric used to measure the growth of Bitcoin holdings relative to fully diluted shares. From Oct. 1 to Dec. 23, Metaplanet’s BTC Yield surged to 309.82%, up from 41.7% in the previous quarter.

Bitcoin itself has seen strong performance this year, climbing 120% and outperforming assets like the Nasdaq 100 and S&P 500 indices. However, it has recently pulled back from its all-time high of $108,427, trading at $97,000 after the Federal Reserve indicated only two interest rate cuts in 2025.

Despite the retreat, on-chain metrics indicate that Bitcoin is still undervalued based on its Market Value to Realized Value (MVRV-Z) score, which stands at 2.84 — below the threshold of 3.7 that historically signals an asset is overvalued.



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Blockchain

Horizen spikes 60% to lead gainers as BTC, ETH bounce

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Horizen price spiked more than 60% in 24 hours as the cryptocurrency market looked to recover from a massive dump that saw top altcoins crash to key support levels.

On Dec. 20, as Bitcoin (BTC) traded to above $97k and Ethereum (ETH) bulls pushed above $3,400, the price of Horizen (ZEN) surged to highs of $26.34. The cryptocurrency, which rallied sharply following a recent Grayscale Investments announcement, reached a multi-year high and ranked among the top gainers in the 500 largest cryptocurrencies by market cap.

ZEN traded at lows of $14.55 on Dec. 19. However, despite the broader crypto crash and the staggering $1.4 billion liquidations, the altcoin’s price hovered above $26 in early trading during the U.S. trading session.

According to crypto.news price data, Horizen recorded a 24-hour trading volume of over $397 million, with its market cap exceeding $407 million. These metrics reflected increases of 294% and 62%, respectively, in the past 24 hours. While ZEN has surged nearly 200% over the past month, its current levels are still more than 84% below the all-time high of $168 reached in May 2021.

If the broader crypto market continues to rebound, ZEN bulls may aim for March 2022 highs near $50.

The positive momentum has benefited from Grayscale opening of the Grayscale ZEN Trust to qualified investors. Prices of the altcoin rose as the digital asset manager unveiled the fund to offer exposure to Horizen for qualified investors.

Earlier this month, Horizen’s native token underwent its final halving, which came as the project geared for a key change in its tokenomics. ZEN will not see any further halvings as the new network mechanism enables a declining emission rate.

That’s because Horizen, is shifting from the proof of work mining model that mirrored Bitcoin’s halving cycle to a new proof of stake mechanism in 2025. Horizen’s last halving occurred on Dec. 12, 2024.

New tokenomics for Horizen will come into effect in the first half of 2025.



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Binance

Binance Futures updates leverage and margin tiers for multiple USDⓈ-M perpetual contracts

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Binance’s updated leverage and margin tiers offer improved trading options for select trading pairs, bringing both potential rewards and risks for crypto traders.

The leverage and margin levels for USDⓈ-M perpetual contracts, including DAR, ME, CAKE, IOTA, LPT, ONE, and ZEN, will be updated by Binance Futures today, with effect from 08:15 UTC on Dec. 19, 2024.

USDⓈ-M stands for USD-Margined Futures, a type of cryptocurrency futures contract offered on platforms like Binance. It refers to stablecoins such as USDT (Tether) or BUSD (BUSD), which are pegged to the US dollar. These contracts are settled in these stablecoins, rather than traditional fiat currency or the underlying crypto asset.

Depending on the contract and position size, the revised leverage tiers will vary from 1x to 75x, enabling traders to fully benefit from their leveraged positions in the crypto market.

Leveraged positions of traders will be impacted by the new maintenance margin rates, which range from 1.00% to 50.00%.

Margin is the total amount of collateral needed to open and sustain a trading position, whereas leverage is the borrowing of funds to increase the size of a position. The possible return increases with leverage, but the chance of loss also goes up.

By adjusting the margin and leverage tiers, Binance Futures continues to give traders more choices to control risk and profit from volatile crypto market movements.

Traders must keep themselves updated with Binance Future trading rules and exercise risk management, particularly when working with high-leverage instruments over several contracts and margin holdings.



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