Vice President Kamala Harris has secured the Democratic nomination for the Presidential election, resulting in unprecedented growth for the Kamala Horris (KAMA) meme coin.
With the shift in the US political environment, the degens have found their new favorite meme coin.
Kamala Harris Has 31% Chance of Winning the US Presidential Election
On early Tuesday Asian hours, Harris announced that she earned the support needed to become the Democratic Party’s nominee.
“Over the next few months, I’ll be traveling across the country talking to Americans about everything on the line. I fully intend to unite our party and our nation, and defeat Donald Trump,” Harris stated.
Following the development, the KAMA meme coin skyrocketed by over 40% in a single day. It now trades at $0.02373, near its all-time high, with a market capitalization surpassing $20 million. According to GeckoTerminal data, this marks a staggering 666% increase since the beginning of July, reflecting a surge in speculative interest.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
The timing of KAMA’s rise coincides with President Joe Biden’s withdrawal from the 2024 election race. Following this announcement, rumors circulated about his health, fueled by his absence from the public eye and a positive COVID-19 diagnosis.
These developments have sparked widespread speculation on social media platforms, especially on X (formerly Twitter), where the hashtag “Where’s Joe” has trended globally.
Moreover, Harris’s ascent as the Democratic nominee seems to have ignited the crypto community’s interest. Crypto degens have swiftly pivoted their investments toward KAMA. This shift is mostly a speculative bet on Harris’s political future.
Furthermore, centralized exchanges such as HTX and Poloniex have announced the listing of KAMA. Additionally, the recent Democratic fundraising success, which garnered $81 million in just 24 hours, has significantly boosted trader sentiment.
Despite these developments, Harris has not yet commented on her approach to crypto. Meanwhile, her likely opponent, Republican Donald Trump, has publicly supported the crypto market. He will also appear at the upcoming Bitcoin 2024 conference.
Currently, political betting markets give Harris a 32% chance of winning the US Presidential election. Many are considering this a metric for betting on the KAMA meme coin.
Read more: 11 Top Solana Meme Coins to Watch in July 2024
However, investors should exercise caution. Meme coins like KAMA are notoriously volatile and can be heavily influenced by political events.
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