The memecoin KAMA, inspired by US Vice President Kamala Harris, has experienced a remarkable 14-fold increase in value between June 18 and July 4. In just 16 days, the token’s market value surged from $850,000 to a staggering $12.4 million. This dramatic rise might be tied to the mounting pressure on President Biden’s re-election campaign.
What’s the story?
KAMA’s meteoric rise is closely linked to the intensifying political pressure on President Joe Biden. Following criticism over his recent debate performance, KAMA has gained notable attention and value. Speculation about Harris potentially becoming the Democratic nominee for the 2024 presidential election has further fueled this crypto surge.
This development is significant as this year’s presidential race increasingly embraces cryptocurrency and pro-crypto policies.
On July 2, the odds of Kamala Harris replacing Biden as the Democratic nominee for the 2024 election rose from 8% to 27%, according to Polymarket. Although Biden remains the leading candidate, Harris has emerged as a prominent alternative should Biden withdraw. Critics are urging Biden to step aside, citing potential losses in the November 5th election. Polymarket now predicts a 56% chance of Biden exiting the presidential race.
The surge in KAMA’s value underscores broader market sentiments regarding potential shifts in the 2024 presidential race. KAMA has jumped 126% in the past 24 hours, while $BODEN, a meme coin parodying Biden, has plummeted by 27%. This volatility highlights how political events can drastically impact the value of politically-themed cryptocurrencies.
The rise of KAMA highlights how political developments can drive cryptocurrency trends. As the 2024 election approaches, changes in the political landscape will likely continue to influence the value of politically-themed cryptocurrencies.
In the past 24 hours, the Kamala Harris meme coin surged by 174%, marking an astonishing 1,659% increase over the past two weeks. In contrast, Donald Trump-themed meme coin, TREMP, fell by 43% over the past week to $0.4868, despite maintaining a strong market cap of $48 million. Meanwhile, Biden’s parody coin, Jeo Boden (BODEN), saw a 22% increase in the past hour but suffered a significant 71% drop over the past week, now trading at $0.04533.
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