KAMA experiences 14fold increase due to political unrest driving surge in cryptocurrency
The memecoin KAMA, which is inspired by US Vice President Kamala Harris, has seen an impressive surge in value, increasing by 14 times between June 18 and July 4. In just 16 days, the market value of the token skyrocketed from $850,000 to an astounding $12.4 million. This significant rise may be attributed to the growing pressure on President Biden’s re-election campaign.
The political climate has played a crucial role in driving the growth of KAMA. Following criticism of President Biden’s recent debate performance, KAMA has gained significant attention and value. Speculation about Harris potentially becoming the Democratic nominee for the 2024 presidential election has further fueled the surge in this cryptocurrency.
This development holds importance as this year’s presidential race increasingly embraces cryptocurrency and pro-crypto policies.
An intense political battle between Biden and Harris has unfolded. On July 2, the odds of Kamala Harris replacing Biden as the Democratic nominee for the 2024 election rose from 8% to 27%, according to Polymarket. While Biden remains the leading candidate, Harris has emerged as a prominent alternative should Biden withdraw. Critics are urging Biden to step aside, citing potential losses in the November 5th election. Polymarket now predicts a 56% chance of Biden exiting the presidential race.
The sharp increase in KAMA’s value reflects broader market sentiments regarding potential shifts in the 2024 presidential race. In the past 24 hours alone, KAMA has surged by 126%, while $BODEN, a meme coin parodying Biden, has experienced a 27% decline. This volatility highlights how political events can significantly impact the value of politically-themed cryptocurrencies.
The rise of KAMA serves as a reminder of how political developments can drive trends in the cryptocurrency market. As the 2024 election approaches, changes in the political landscape will likely continue to influence the value of politically-themed cryptocurrencies.
In the past 24 hours, the Kamala Harris meme coin has experienced an astonishing 174% surge, translating to a remarkable 1,659% increase over the past two weeks. In contrast, the Donald Trump-themed meme coin, TREMP, has fallen by 43% in the past week, reaching $0.4868, despite maintaining a strong market cap of $48 million. Meanwhile, Biden’s parody coin, Jeo Boden (BODEN), has seen a 22% increase in the past hour but has suffered a significant 71% drop over the past week, now trading at $0.04533.
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Biden or Harris, Crypto has given its nod to the right candidate! Agree?