Kamala Harris Memecoin KAMA Skyrockets to New All-Time High as Biden Exits Presidential Race

• Kamala Harris is now tipped to be the Democratic party’s presidential nominee as Joe Biden steps down from the race.
• The Kamala Horris (KAMA) memecoin surged over 60% following Joe Biden’s departure from the Presidential race.
• Trump remains the favorite to win and continues to rally crypto voters.

The Kamala Horris (KAMA) memecoin experienced a major surge in price following Joe Biden’s announcement that he would be stepping down from the U.S. presidential race.

Meanwhile, political memecoins carrying the Biden theme are down significantly as crypto reacts to the news.

Kamala Horris (KAMA) Price

Vice President Kamala Harris-themed memecoin KAMA has surged to an all-time high (ATH) after President Biden announced that he would be stepping down from the U.S. presidential election this year.

However, after jumping to an all-time high (ATH) of around $0.25, an increase of approximately 127% in the last 24 hours, KAMA has shed almost half of those gains and was trading at $0.017 at press time. Since then, it has dropped some 50% from its peak and continues to slide downward.

After gaining momentum in early July, calls for Biden to step down began to flood the airwaves, and KAMA relished in some solid gains that declined and remained volatile in the days that followed. With an increase of approximately 1,600% in the past 30 days, KAMA now commands a humble market cap of $17.7 million.

Political Cryptos React

The Jeo Boden (BODEN) memecoin slumped over 58% in the last 24 hours, shedding over $10 million from its market cap, now at $6.3 million.

Other Biden-themed tokens also lost value, further demonstrating cryptos’ hyper-reactive nature 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 and 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.

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.