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KAMA Memecoin Surges 500% in 7-Days as Prediction Market Favor Kamala Harris Over Biden

Published July 4, 2024 2:31 PM
Eddie Mitchell
Published July 4, 2024 2:31 PM
Key Takeaways
  • Kamala Harris is tipped to replace Joe Biden ahead of the U.S. 2024 presidential election.
  • The Kamala Horris (KAMA) memecoin surged some 500% in seven days following the Trump/Biden debate.
  • Trump remains the favorite to win and continues to rally crypto voters.

The Kamala Horris (KAMA) memecoin experienced a major surge in price amid rumors that she would replace Joe Biden as the Democratic presidential nominee ahead of the November 2024 election.

Political cryptocurrencies are having their moment in the spotlight, as Biden and Trump-themed tokens also react to events.

Kamala Horris (KAMA) Price

The KAMA  memecoin has jumped after Kamala Harris overtook Biden in the prediction markets for the Democratic nominee, spiking the KAMA token up by around 469% in the past 7 days.

However, after climbing to an all-time high (ATH) of around $0.0185, the KAMA token has begun to decline sharply. Since then, it has dropped some 50% from its peak and continues to slide downward. At the time of writing, KAMA  is trading at $0.009232

 

KAMA memecoin price
(Source: CoinGecko)

The KAMA memecoin launched just three months ago in March 2024 and has since established a respectable market cap of just above $9 million.

No Biden

After what was universally considered an extremely poor performance during his debate with Trump, there were outcries from the media, the public, and members of the Democratic party for Biden to step down from the 2024 race.

Naturally, Vice President Kamala Harris was tipped as the favorite to replace Biden. Prediction markets then began betting, in swathes , that Harris would be on the 2024 Democratic ticket.

Notably, the prediction markets have Donald Trump tipped as a favorite to win, though this hasn’t translated to extreme price gains for Trump-themed tokens as seen with KAMA.

Political Cryptos React

Naturally, this shift in sentiment amongst voters and prediction markets has affected Joe Biden-themed memecoins, which have all declined by some 20% in the past 24 hours. Most notably, Jeo Boden (BODEN) has slumped over 85%  since the debate and shed around $80 million from its market cap.

Crypto markets are extremely reactive to real-world events, trends, and sentiment. This is best reflected by political crypto tokens, which have carved out their own odd little niche, and are now referred to as “PolitiFi” tokens.

Crypto’s presence in this year’s race appears to be working in Trump’s favor. Throughout the election cycle. Trump has espoused several pro-Bitcoin, pro-crypto industry comments and promises. This has seen major industry participants publicly back the presidential hopeful, and even donate significant sums to his campaign.

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