Memecoins
Joe Biden’s Departure Sends Kamala Harris Meme Coin to New Heights
President Joe Biden
Joe Biden Joe Biden President
The 81-year-old Republican senator announced Sunday that he would end his re-election campaign. The move comes amid growing concerns among Democrats that the 81-year-old may not win a second term and could hurt the party’s chances in November. newsKamala Harris-themed meme coin KAMA has soared to a record high of 2.4 cents.
Everything has an impact on cryptocurrencies! Here’s everything you need to know.
Politics and crypto: a new trend?
The surge highlights the growing trend of cryptocurrency traders engaging in political speculation via meme coins. KAMA more than doubled in value on Sunday in response to the news. One lucky trader reaped major gains today, earning an 8,200% return on a $960 investment in Kamala Harris’ new parody coin, Kamala Horris ($KAMA). According to DEXScreener DataThe trader purchased 628,200 $KAMA tokens on June 26.
In three weeks and 266 trades, they sold the tokens for a profit of $77,829, marking an impressive increase of just over 8,107%.
Bitcoin reacts!
Bitcoin The cryptocurrency’s price experienced a momentary 2.3% drop, falling to $65,885 before recovering to around $67,002. Analyst Noelle Acheson attributed the drop to the perception that there is an increased chance of a Biden replacement defeating Trump in the upcoming election, which is considered less favorable for the cryptocurrency market.
The meme coins are rising!
In contrast, Doland Tremp, a cryptocurrency inspired by Donald Trump, jumped 30% to about 55 cents. With a market cap of $24 million, KAMA now eclipses BODEN, a Biden-themed cryptocurrency, which fell 50% after Biden’s announcement.
Biden’s departure also led to a wave of new tokens mocking both Harris and Biden on the meme coin platform Pump.fun. Historically, these tokens experience rapid declines in value when traders engage in speculative trading in the market. Solana (SOL) blockchain.
High-level endorsements for Harris
Additionally, Harris’ campaign has received endorsements from Biden, former President Bill Clinton, former Secretary of State Hillary Clinton, and crypto-skeptic Senator Elizabeth Warren. Harris expressed gratitude for this support, saying:
“I am honored to have the President’s support and I intend to 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.”
Whether it’s Trump or Harris, this year will be crucial for the cryptocurrency market, with billions at stake following the market’s recent recovery from prolonged consolidation. Do you agree?
Also see: Top 10 PolitiFi Altcoins to Buy Ahead of 2024 US Election