3 July 2024
In a recent report by Reuters, speculation has emerged regarding the possibility of President Joe Biden withdrawing from the race for the White House, leading to a surge in interest around the newly created Kamala Horris (KAMA) meme coin.
These developments have sparked intrigue in political circles and garnered attention within the cryptocurrency industry.
Biden’s Successor?
According to seven senior sources from the Biden campaign, the White House, and the Democratic National Committee, discussions are underway about Vice President Kamala Harris potentially replacing President Biden as the Democratic nominee if he chooses not to pursue reelection.
This scenario would involve Harris inheriting the funds and campaign infrastructure established by the Biden campaign. With her high name recognition and favorable polling among Democrats, Harris is considered a strong alternative candidate.
The cryptocurrency market has also reacted to these speculations, with traders on the crypto-based prediction platform Polymarket witnessing a significant increase in the odds of VP Harris becoming the Democratic nominee.
The trading of stocks indicating a “yes” answer to Harris receiving the nomination jumped from as high as 43%, approaching Biden’s numbers, which amount to a 45% chance, according to voters, of completing the race to the White House.
Kamala Horris Skyrockets Amidst Political Buzz
CoinGecko data further reveals the impact of these developments on the meme coin market. The Kamala Horris meme coin experienced an astronomical surge, soaring over 174% in the past 24 hours and an astonishing 1659% over the past two weeks.
Its trading price peaked at $0.01561, reflecting the growing interest and uncertainty surrounding the potential shift in the upcoming presidential election.
In contrast, CoinGecko shows that Donald Trump’s parody meme coin, Doland Tremp (TREMP), faced a decline of over 43% in the past seven days, currently trading at $0.4868. However, TREMP still boasts a substantial market cap of $48 million, surpassing other political meme coins in the crypto space.
Conversely, President Biden’s parody meme coin, Jeo Boden (BODEN), witnessed a surge of over 22% in the past hour alone, demonstrating the frenzy among crypto investors in response to the evolving political landscape.
Nevertheless, BODEN experienced a 71% price drop in the past week, with its current trading price at $0.04533.
Ultimately, these developments hold implications for the political arena and the broader crypto industry. Former President Trump’s pro-crypto stance and emphasis on innovation have been juxtaposed with the regulatory challenges faced during the Biden administration.
The lack of a clear regulatory framework and enforcement actions brought by the US Securities and Exchange Commission (SEC) over the past years has raised concerns among industry participants, who argue that such actions may hinder growth and innovation in the nascent crypto space.
Meanwhile, Bitcoin (BTC), the leading cryptocurrency in the market, continues to exert its influence on the sentiment of top cryptocurrencies. Over the past 24 hours, BTC has experienced a modest decline of 3.4%, bringing its current value to $60,220.
Featured image from DALL-E, chart from TradingView.com