The post KAMA Memecoin Surges 14X Amid Kamala Harris and Biden Political Tensions appeared first on Coinpedia Fintech News
The memecoin KAMA, themed around US Vice President Kamala Harris, surged an impressive 14X from June 18 to July 4. The token’s market value skyrocketed from $850,000 to $12.4 million in just 16 days. The possible reason behind the surge could be the mounting pressure over Biden’s presidential race.
Here’s the story.
Political Climate Fuels Growth
This surge in KAMA’s value is linked to increasing political pressure on President Joe Biden. As Biden faced criticism over his poor performance in a recent debate, KAMA gained significant attention and value. The token’s rise was also fueled by speculation about Harris potentially becoming the Democratic nominee for the 2024 presidential election. This crypto shift is crucial as this year the presidential elections are rooting for crypto votes and pro-crypto governance.
An Open Political War: Biden vs. Harris
On July 2, Kamala Harris’ odds of replacing Biden as the Democratic nominee for the 2024 election increased from 8% to 27%, according to Polymarket. Despite Biden remaining the leading candidate, Harris has emerged as the top alternative should Biden step down. Critics are calling for Biden to drop out from the elections; he may face a loss in the Nov 5th election. Polymarket now predicted a 56% chance of Biden stepping out of the presidential race.
Market Sentiments are Towards KAMA
The significant increase in KAMA’s value reflects broader market sentiments about potential shifts in the 2024 presidential race. As Biden’s position is scrutinized, KAMA’s success illustrates how political events can impact cryptocurrency values and investor sentiment.
With immediate effect, KAMA jumped 126% in the last 24 hours, while $BODEN fell by 27%. This volatility highlights how political events can significantly impact the value of politically-themed cryptocurrencies.
Current Market Snapshot
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 last 24 hours, the Kamala Horris meme currency rose 174%, and in the past two weeks, 1659%. In contrast, Donald Tremp (TREMP), a meme coin parodying Donald Trump, fell by 43% over the past week to $0.4868, though it still holds a strong market cap of $48 million. While, Biden’s parody memecoin Jeo Boden (BODEN), saw a 22% increase in the past hour but suffered a 71% drop over the past week, now trading at $0.04533.
Biden or Harris, Crypto has given its nod to the right candidate! Agree?