Memecoins
Kamala Harris’ Chances Rise After $81 Million Fundraise. What Does This Mean for Bitcoin and Cryptocurrencies?
Market quotes and memecoins linked to US Vice President Kamala Harris surged as the latest round of donations linked to the Democratic campaign raised $81 million in 24 hours, boosting sentiment among some traders.
The odds of Harris being announced as the Democratic nominee have increased further to 90% on crypto betting app Polymarket, from 80% on Monday to a new high.
Oddsmakers had previously placed odds of just 8% in early July, but that changed when incumbent President Joe Biden announced on Saturday that he would not run again in the November election. Biden then endorsed Harris as a candidate.
Polymarket traders placed $28.6 million in bets in favor of Harris, the data showsThe next favorite is Michelle Obama.
Somewhere else, KAMA, a Solana-based memecoina political meme token inspired by Harris, surged 62% to set a new all-time high of 2 cents with a market cap of $27 million. The token has risen 4,000% since its June 18 low of $0.00061, driven primarily by the possibility of Harris becoming president.
Harris has yet to make any public comments about cryptocurrencies or her strategy for the growing market. Republican candidate Donald Trump, on the other hand, has expressed support for the cryptocurrency market and is expected to speak at the Bitcoin 2024 conference on Saturday.
Some, however, expect Harris or the Democratic Party to mention the industry in the coming weeks, which could impact price action.
“While she has not yet received the official nomination, there is consensus that last night’s development aligns with current Democratic strategy,” crypto trading firm Wintermute said in a note emailed to CoinDesk on Monday. “In the coming days, keep an eye out for comments from Democrats regarding this issue.”
“The prevailing assumption is that Harris will secure the nomination, and any deviation from that expectation could cause market volatility,” the company added.