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

In his statement, Biden said he would fully support Harris’ campaign and has received support from former President Bill Clinton, former Secretary of State Hillary Clinton, and Senator Elizabeth Warren, a critic of Cryptocurrency.

Harris said in a statement, “I am honored to have the support of the president. 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 frens in the crypto world, the most important concern is Harris’s attitude towards encryption and the Tokens that can be followed. BlockBeats will introduce them in the following text.

Harris’ Attitude Towards Encryption

Trump has shown a friendly attitude towards cryptocurrency this year, while Harris’s position is unclear. She has never made a formal comment on cryptocurrency or blockchain technology. Read more: ‘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, but prefer 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 BTC - a fact he showcased on his LinkedIn page. The team also mines Ether and has launched a series of Non-fungible Tokens. Montoya now serves as an assistant to the president at the White House, but he also retains his original scheduling role. Therefore, he is unlikely to have much influence 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 is seen as a “positive development” for Silicon Valley.

As the lobbying campaign for Cryptocurrency heats up - and Wall Street bankers representing the industry join in - Harris’ public support for BTC ahead of a tough presidential race could make sense. After all, the encryption industry has invested millions of dollars in influencing Washington politics, and Congress has passed a series of policies supporting Cryptocurrency.

Of course, she may also adopt the same policies as Biden and hold a cold attitude towards Cryptocurrency.

With Biden’s withdrawal, Harris’ chances of nomination have skyrocketed to 82% on the Cryptocurrency prediction market Polymarket. Although former First Lady Michelle Obama is also considered one of the potential candidates, her chances are only 4%. Trump continues to maintain his supportive stance on Cryptocurrency and will deliver a speech at the upcoming BTC conference to further elaborate on his plans.

Harris’s campaign strategy remains to be observed. If she can effectively leverage the support of the Crypto industry, it will help her gain an advantage in competing with Trump. However, whether she will be as reserved about Crypto as Biden, or actively embrace this emerging technology, still needs time to be tested.

What are the related concept currencies?

In May, in the ‘intense confrontation’ between Trump and Biden, BlockBeats once judged in the article ‘How to seize the best time to speculate on the US election MEME coin? Key timing and comprehensive analysis of concept coins’ that Harris may become the focus of the market, especially in the case of Biden’s poor health after being elected.

So in the current situation, what are the Tokens worth following? The following Tokens are only for organizing thoughts in this article and are not investment advice.

$HERRIS

Currently, this is the concept coin with the highest consensus on the ETH chain, and the Market Cap is also the largest on the ETH chain, currently at $4.1M. After Biden announced his withdrawal, the price of $HERRIS reached a new high of $0.012, and the Market Cap once approached 1 billion USD, but then experienced a significant pullback.

The coin meme attribute looks relatively strong, and it is a style similar to the previously popular meme tilted character series.

$KAMALA

There is also a $KAMALA on the ETH side, which has to some extent diverted some Liquidity of $HERRIS, with a current Market Cap of $2M dollars.

After the news of Biden’s withdrawal and the selection of Harris came out, the volume of $KAMALA was once ahead of $HERRIS, but it has now been overtaken by $HERRIS.

$KAMA

$KAMA is on-chain on SOLANA, and its price doubled within minutes after Biden announced his withdrawal from the election, pumping through $0.0257, hitting an all-time high, currently priced at $0.01718, with a 24-hour increase of 55%. The Market Cap is also the largest, reaching $20M, almost four times that of BODEN, a coin inspired by Biden.

Historical experience has shown that as the political landscape changes, a wave of new Harris and Biden themed Tokens will be created on the meme coin platform Pump.fun. However, most of these Tokens may quickly depreciate as buyers and sellers engage in pvp on the on-chain order book of Solana (SOL) Blockon-chain.

Therefore, based on the previous election situations, Ethereum seems to be more resilient and enduring, while Solana cannot last overnight. However, this time, the Harris-related TOKEN performs better on Solana.

Betting on Polymarket

In addition, the odds and prices of long-term betting on Polymarket have also changed significantly, which are also worthy of attention and participation.

For example, the left side of the figure below shows the current winning probabilities of the 2024 presidential election: Donald Trump’s winning probability is 63%, with a total bet amount of $39,900,936; Kamala Harris’s winning probability has risen to 30%, with a bet amount of $21,929,234; Michelle Obama’s winning probability is 3%, with a bet amount of $18,657,072.

In the right-hand bet, the probability of the Democratic candidate winning in 2024: Kamala Harris’ probability of winning has reached 84%, with a total bet of $21,840,045. The total probability of other candidates (including Whitmer) is 8%; Michelle Obama’s probability of winning is 5%; and Hillary Clinton’s probability of winning is 2%.

Note: Most Meme speculation is highly risky and has no practical value. This article is only for recording ideas and should not be taken as investment advice.