In the wake of President Joe Biden’s decision to withdraw from the race for the presidency, a Kamala Harris-themed meme coin, Kamala Horris KAMA/USD, has hit a new all-time high.
What Happened: KAMA peaked at a high of over $30 million after Biden’s announcement, a more than 1,500% return since the start of the month. The meme coin is currently trading around a valuation of $16 million, ahead of the Biden-themed Jeo Boden BODEN/USD at $6 million. BODEN has lost over 99% of its value from the peak.
Politics-themed tokens oscillate in value according to news of the candidates they represent. Notably, BODEN peaked in March after Joe Biden delivered a State of the Union address, which was well received.
The shift in value from BODEN to KAMA indicates the market’s response to Biden’s withdrawal and the subsequent endorsement of Harris.
Why It Matters: Political meme coins have seen a surge in activity, with traders creating new tokens in response to the changing political landscape.
Even before Kamala Harris officially announced to run for the presidency, crypto traders had predicted upside for the KAMA meme coin.
One trader forecasted that "Kamala becomes the candidate this sends hard, worth a gamble."
Venture Coinist Luke Martin added on July 3 that KAMA still needed a 100% gain to overtake BODEN, saying, "This is either the dumbest trade or the easiest 2x in crypto. Or both."
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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