Memecoins
Kamala Harris’ new memecoin, KAMA, soars on speculation about US presidential race
KAMA is up 125% today while the sector is down 15%.
Cryptocurrency enthusiasts are responding to growing speculation that U.S. President Joe Biden could drop out of the presidential race by launching a token dubbed KAMA, in reference to his potential replacement as Democratic Party nominee and current Vice President, Kamala Harris.
Volatility is omnipresent KAMAwhich is up 125% to $0.013 today, though at its peak it was above $0.018. The token, on par with rumors that Kamala might have to step up after Biden’s dismal debate against Donald Trump last week, is surging. Traders have pushed it 1,000% higher in the past seven days.
KAMA Course – Coingecko
Oddsmakers on Polymarket also show Harris closing in on Biden as Election Day approaches on November 4.
With over $10.7 million wagered, 68% of traders are betting on Biden dropping out of the race. Meanwhile, bettors are more and more support Harris is the Democratic Party’s nominee, with a 39% chance of winning the seat, behind Biden who has 41%.
Although Michelle Obama’s name has been mentioned, only 6% of traders are betting on the former first lady.
It is likely that stacked against Harris, on the other hand, in the broader presidential election, Donald Trump leads the race, with 61% of the $217 million at stake. Harris has only a 16% chance according to Polymarket players, while Biden trails with 13%.
Boden collapses
Politically-themed memecoins have gained popularity during an election year in the United States.
Jeo Boden, a satirical image of Joe Biden, has seen its value plummet in recent weeks. Today, its value has dropped 25%, trading at $0.03. The token, which nearly surpassed $1, has fallen 85% in the past month.
Across the aisle, Donald Trump has also found himself caught up in the memecoin craze. His latest was the DJT token, which was supposedly created by a convicted criminal Martin Shkreliand the former president’s son, Barron Trump.
The flood of rumors ended when Detective Onchain ZachXBT revealed that Shkreli was behind the token, and received a $150,000 bounty from Arkham Intelligence.