Kamala Harris’s memecoin (KAMA) surged to an all-time high hitting a market capitalization of $24 million following the news of President Joe Biden stepping down from the presidential race.
Kamala Harris, the current vice president of the United States, is the front runner in picking up the mantle, hence increased backing from crypto traders actively involved in the PoliFi category of crypto assets.
KAMA surged within minutes of the announcement to an all-time high of 2.4 cents and now boosts a market capitalization of $24 million at the time of the report.
KAMA’s market cap already makes it four times bigger than its predecessor BODEN, a memecoin inspired by the president of the United States. Boden which was one of the most significant crypto assets in the PoliFi category fell by 50% following the announcement of Joe Biden dropping out.
BODEN was not the only memecoin to drop following the announcement of Joe Biden dropping out from the race. Other memecoins related to the Biden family like JILL BODEN and HUNTER BODEN inspired by the First Lady of the United States and his son all witnessed significant drops.
JILL BODEN plummeted by 68% while HUNTER BODEN dropped slightly by 24%.
Kamala Harris is projected to become the Democratic party nominee in the coming weeks. The possibility of KAMA surging to new heights is pretty obvious.
The State of the POLIFI sector at the moment
The POLIFI sector in cryptocurrency is a niche dedicated to crypto assets attached to politics and developments around it. The PoliFi sector has been very busy in the run-up to the United States November presidential elections.
Crypto prediction markets like Polymarket have seen a surge in crypto traders betting on the possible political outcome of the elections.
Memecoins tied to political figures are seriously affected by political developments in the run-up to the elections.
For instance, we reported the leading Donald Trump-inspired memecoin MAGA (Trump) surging by 46.9% following his failed assassination attempt.
At the moment, Maga (Trump) is up by 1.7% today and up 39.5% over the past two weeks. Super Trump (STRUMP) is up by 25% on Sunday and rose 29.1% over the week.
KAMA inspired by Kamala Harris surged to a market capitalization of $24 million surpassing its predecessor BODEN which fell by 50% following the announcement of Joe Biden dropping out from the race.
These memecoins are easily created on Pump.Fun hosted on the Solana ecosystem and is very susceptible to political developments.
What To Know
Following the step down of Joe Biden from the presidential race. Biden endorsed Kamala Harris for the presidential candidate position. Kamala Harris was also endorsed by former president Bill Clinton, Hilary Clinton, and popular crypto critic Elizabeth Warren.
Memecoins remain very risky assets to trade in due to their high volatility and frequent double-digit losses. The memecoins under the POLIFI category are no different with their price value being heavily affected by political developments and public perception.
Nairametrics
