The recent exit of President Joe Biden from the 2024 presidential race has sparked a significant rise in the value of a meme coin dedicated to Vice President Kamala Harris. The coin, known as KAMA, soared to an all-time high of $0.025 shortly after Biden’s announcement. Currently, KAMA is trading at $0.01741, with a market cap of $24 million. This increase has made KAMA nearly four times larger than BODEN, the meme coin initially inspired by Biden. On the other hand, BODEN has dropped nearly 50% in value since the announcement.
The political change has seen new meme tokens imitating both Harris and Biden set up on the meme coin website, Pump.fun. Most of these tokens have been known to experience a big dip in their value as the traders engage in speculation and the market calms down.
Meme Coins Linked to Biden See Sharp Declines After Withdrawal
Memecoins linked with the sitting president are expected to exhibit volatility in price as observed before the November poll. After Biden’s withdrawal, other associated assets such as BODEN, JILLBODEN, and HUNTBODEN experienced considerable drops. In particular, JILLBODEN’s value dropped by 68%, and HUNTBODEN’s value decreased by more than 24%.
Other leaders of the Democratic party have come out to speak on Harris’ presidency after Biden left, some of them are; the former presidents, Bill Clinton and Hillary Clinton and Senator Elizabeth Warren. To support this effort, Harris expressed her gratitude by tweeting and stated that she is ready to fight for the Democratic party and the whole country to destroy Trump and all of his policies.
Lastly, KAMA index shows sharp growth which signifies that the relationship between political process and cryptocurrencies can be extremely unpredictable. These political events are being utilized by market participants to pump meme coins that have little intrinsic value to them.