Joe Biden’s Exit Boosts Kamala Harris Meme Coin to New Heights
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President Joe Biden 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.
Politics vs Crypto
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 to Political News
Bitcoin experienced a brief dip of 2.3%, falling to $65,885 before bouncing back to around $67,002. Analyst Noelle Acheson explained the drop, noting that the increased likelihood of Biden’s replacement beating Trump in the upcoming election is seen as less favorable for the cryptocurrency market.
Trump-Inspired Meme Coin Also Rises
In contrast, Doland Tremp, a meme coin inspired by Donald Trump, jumped 30% to about 55 cents. With a market cap of $24 million, KAMA is now nearly four times larger than the Biden-themed coin BODEN, which plummeted by 50% following Biden’s announcement.
New Meme Coins Flood the Market
In the meantime, Biden’s decision has opened a floodgate of numerous new tokens mocking both Harris and Biden on the meme coin platform Pump. fun. Historically, these tokens tend to see their values quickly drop as traders engage 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.”
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.
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?
