The value of Kamala Harris-inspired meme coin, KAMA, has surged by an impressive 322% in the last 24 hours. This sudden increase in value is attributed to the speculation surrounding President Joe Biden’s potential exit from the upcoming election race.
Following the first presidential debate between Biden and Donald Trump on June 27, there was a noticeable shift in public opinion. While the Trump camp appeared confident and upbeat, many within the Democratic Party felt that Biden’s performance was lackluster. This led to calls for Biden to consider stepping down and making way for a more viable candidate.
Although Vice President Kamala Harris has not officially addressed these rumors or received any public endorsement from the White House, the market seems to be anticipating a possible scenario where she could step in as a replacement. This speculation has fueled the exponential growth of KAMA, the meme coin associated with Harris.
Traders on Polymarket have significantly increased their bets on the likelihood of Biden withdrawing from the race, with odds now standing at over 60%. In contrast, there is a 43% chance that Kamala Harris could become the Democratic nominee, surpassing Biden’s 36% probability and Gavin Newsom’s 7% chance.
As a result of these developments, KAMA has seen a remarkable surge in value, reaching $0.01588 according to CoinGecko data. Earlier in the day, the token even peaked at $0.01852, indicating strong market interest in this particular meme coin.
On the flip side, other meme coins like “Ruburt F Kenidy Jr” (KENIDY) and Jeo BODEN (BODEN) have experienced significant declines in value. KENIDY has dropped by more than 30% in the past 24 hours, while BODEN is down by 37% within the same period and has seen a staggering 79% decrease over the past week.
The fluctuating fortunes of these meme coins reflect the current uncertainty and speculation surrounding the US election and the potential for a change in the Democratic Party’s candidate. As the situation continues to evolve, traders and investors will closely monitor these developments to capitalize on the market trends associated with political events.