Memecoins
KAMA Meme Coin Hits All-Time High After Joe Biden Withdraws
Cryptocurrency traders are once again betting on the very serious subject of presidential politics via some very silly meme coins, including one for Vice President Kamala Harris that more than doubled in price on Sunday.
KAMA KAMA hit an all-time high of 2.4 cents within minutes of President Joe Biden announcing he was dropping out of re-election. With a market cap of $24 million, KAMA is now nearly four times larger than Biden-inspired cryptocurrency BODEN, once the king of the so-called PolitiFi cryptocurrency. BODEN fell nearly 50% after Biden’s announcement.
The political upheaval prompted traders to create a wave of new tokens mocking Harris and Biden on the meme coin launchpad Pump.funIf history is any guide, the value of most of these tokens will likely collapse as buyers and sellers play a game of order book chicken atop Solana. (GROUND) blockchain, where most meme coins are traded.