The Price Of The Kamala Horris (KAMA) Meme Coin Soared After Joe Biden's Announcement Of The Withdrawal
JAKARTA - US presidential candidate Kamala Harris's meme coin, Kamala Horris (KAMA), experienced a significant price spike after Joe Biden's announcement that he had withdrawn from the 2024 US presidential election. Meanwhile, Biden-themed meme coins experienced a sharp decline following the crypto market's reaction to the news.
Vice President Kamala Harris's themed meme coin, KAMA, jumped to an all-time high after President Biden's announcement of President Biden's resignation from this year's presidential election.
After hitting a high of around $0.25, which is an increase of around 127% in the last 24 hours, KAMA lost nearly half of the increase and traded at $0.017 at the time this article was written. Since then, KAMA has fallen about 50% from its peak and continues to decline.
After gaining momentum in early July, calls for Biden to step down began to surface, and KAMA is experiencing solid profits, although still volatiles in the following few days. With an increase of about 1,600% in the last 30 days, KAMA now has a market cap of 17.7 million US dollars (Rp283.2 billion).
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Joe Biden's meme coin Jeo Boden (BODEN) has fallen more than 58% in the past 24 hours, losing more than $10 million from its market cap, which is now at $6.3 million.
Other Biden-themed coins have also lost value, showing how reactive the crypto market is to real events, trends, and sentiment. This is most clearly seen in political crypto coins, which are now referred to as 'Politific' tokens.
The existence of cryptocurrencies in this year's elections seems to benefit Trump throughout the electoral cycle. Trump has made some comments and promises that support the Bitcoin industry and crypto. This has led many major industry participants to publicly support the presidential candidate, even providing a large amount of funding for his campaign.
According to a CoinGecko report, the surge in KAMA prices reflects political uncertainty that often affects the crypto market. A price spike of 1,600% in the past 30 days shows how big news can quickly affect the value of meme coins.
On the other hand, high volatility also reflects the risks associated with investing in political-themed meme coins. Biden's decision to withdraw from the 2024 US presidential election has created a large wave in the crypto market, which continues to fluctuate based on the latest political developments.