In a surprising development on the cryptocurrency-based prediction market, the odds of Vice President Kamala Harris replacing President Joe Biden as the Democratic nominee for the 2024 presidential elections have seen a dramatic surge. Polymarket, touted as the world's largest prediction market, witnessed a noteworthy increase in the likelihood of Harris becoming the presidential candidate, rising from 8% to 27% within the span of 24 hours.

While President Biden still remains the favored choice among bettors on the platform, with 58% odds in his favor, the significant rise in Harris' chances reflects a notable shift in sentiment. Polymarket functions as a decentralized prediction market, offering users the ability to bet on major global events using cryptocurrencies. Traders can buy or sell outcome shares, which are redeemable for $1 if the prediction is correct, but become worthless if it is incorrect.

The mounting odds in favor of Kamala Harris can be attributed to President Biden's lackluster performance in the recent presidential debate against Republican challenger Donald Trump. Criticism following the debate, including from a fellow Democrat in the House of Representatives, has stirred calls for Biden to withdraw from the presidential race. At the time of writing, Polymarket reported a 56% chance of Biden dropping out of the race. Additionally, a majority of traders on the platform seem to believe that Trump will secure victory in the race to the White House.

This dynamic shift in sentiment has also impacted the cryptocurrency tokens tied to these political figures. Kamala Harris-themed coin Kamala Horris (KAMA) saw a whopping 126% surge in value over the last 24 hours, according to CoinGecko. Conversely, Joe Biden-associated token Jeo Boden (BODEN) experienced a 27% slump in its price.

As the 2024 presidential elections draw nearer, these developments in the prediction market and the corresponding shifts in cryptocurrency prices highlight the increasing interest and attention surrounding the potential candidacy of Vice President Kamala Harris as a replacement for President Joe Biden within the Democratic Party.