A memecoin themed around Kamala Harris surged by approximately 250% on July 4, following a contentious debate between President Joe Biden and former President Donald Trump. The Kamala Horris (KAMA) token, which features a caricature of the Vice President, saw its market value increase from $3.5 million during the June 27 debate to about $11.9 million, according to Dex Screener. The debate left Biden under mounting pressure to exit the presidential race.
What’s Happening in the Memecoin Space?
Seven senior sources within Biden’s campaign, the White House, and the Democratic National Committee indicated that if Biden withdraws his re-election bid, Harris would be the preferred replacement. Meanwhile, a similar memecoin for President Biden, Jeo Boden (BODEN), experienced a 22% drop in the last 24 hours and a 73.4% decline over the past week, as per CoinGecko.
KAMA’s dramatic rise and BODEN’s fall followed Biden’s underwhelming performance in the debate, where analysts noted that he appeared unsettled and occasionally lost his train of thought. At 81 years old, Biden is the oldest candidate to run for the presidency. He blamed his debate performance on being cold and jet-lagged, despite being in the same time zone the week before.
Notable Details in the US Elections
Biden is facing pressure from voters, media, and Democratic lawmakers to withdraw as concerns grow about his ability to defeat Trump in the November election. Polls from FiveThirtyEight show Trump leading by 2.3 points, and a recent New York Times/Siena College poll indicates that three-quarters of voters think Biden is too old for a high-level position—a five-point increase since the debate.
A July 2 CNN poll revealed that three-quarters of American voters believe Democrats would have a better chance of winning with a different candidate. According to a July 1 CBS News poll, nearly half of Democratic voters think Biden should not be the party’s candidate. On the crypto prediction platform Polymarket, the likelihood of Biden withdrawing from the race increased from 19% before the debate to 64%.
Key Takeaways for Investors
– Investors should monitor market sentiment and political developments closely as they significantly impact cryptocurrency values.
– Alternative candidates in the presidential race could influence the performance of related memecoins.
– Understanding the correlation between political events and crypto market dynamics can offer strategic investment opportunities.
The outcome of the Biden-Trump debate has not only affected political forecasts but has also translated into significant movements within the cryptocurrency market, particularly in the realm of memecoins.