Joe Biden’s Presidential Exit Boosts Kamala Harris Meme Coin ‘KAMA’

President joe biden joe biden Joe Biden President announced on Sunday that he will end his re-election campaign. This decision comes amid growing concerns among Democrats that the 81-year-old could not win a second term and might harm the party’s chances in November. Soon after this news, the Kamala Harris-themed meme coin, KAMA, skyrocketed to a record high of 2.4 cents. 

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Politics and Crypto: A New Trend?

This surge highlights the growing trend of crypto traders engaging in political speculation via meme coins. KAMA’s value more than doubled on Sunday in response to the news. A fortunate trader reaped significant gains today, achieving an 8200% return on a $960 investment in the new Kamala Harris parody coin, Kamala Horris ($KAMA). According to DEXScreener data, the trader bought 628,200 $KAMA tokens on June 26.

Over three weeks and 266 transactions, they sold the tokens for a profit of $77,829, marking an impressive increase of just over 8107%.

Bitcoin Reacts!

Bitcoin experienced a momentary dip of 2.3%, falling to $65,885 before recovering to around $67,002. Analyst Noelle Acheson attributed this drop to the perceived increased chances of a Biden replacement defeating Trump in the upcoming election, which is considered less favorable for the cryptocurrency market.

Meme Coins Rise Up!

In contrast, Doland Tremp, a meme coin inspired by Donald Trump, surged 30% to approximately 55 cents. With a market cap of $24 million, KAMA now dwarfs the Biden-themed coin BODEN, which plummeted by 50% following Biden’s announcement.

Biden’s exit has also led to a wave of new tokens mocking both Harris and Biden on the meme coin platform Pump.fun. Historically, these tokens see a rapid decline in value as traders indulge in speculative trading on the Solana (SOL) blockchain.

High-Profile Endorsements for Harris

Moreover, Harris’s campaign has received endorsements from Biden, former President Bill Clinton, former Secretary of State Hillary Clinton, and crypto-skeptic Senator Elizabeth Warren. Harris expressed her gratitude for the support, saying,

“I am honored to have the President’s endorsement and I intend to earn and win this nomination. I will do everything in my power to unite the Democratic Party – and unite our nation – to defeat Donald Trump and his extreme Project 2025 agenda.”

Whether it’s Trump or Harris, this year will be crucial for the cryptocurrency market, with billions at risk following the market’s recent recovery from prolonged consolidation. Agree?

Also Check Out: Top 10 PolitiFi Altcoins To Buy Ahead Of The US Elections 2024