Crypto traders are once again better at the very serious business of the Presidential election on very silly meme coins, including one for Vice President Kamala Harris that more than doubled in price after President Joe Biden announced his decision not to seek re-election.
The Kamala Harris memecoin, KAMA's market cap, is now at $24 million, making it nearly four times larger than that of the Biden-inspired memecoin, BODEN, whose price fell by nearly 50% post-Biden's announcement. The TREMP coin also experienced 20% during this presidential election.
The political shake-up has prompted traders to create a slew of new tokens lampooning Harris and Biden on the meme coin launchpad Pump.fun. But history has shown that most of these tokens will likely crater in value as buyers and sellers play a game of order book chicken atop the Solana blockchain, where most meme coins trade.
The recent volatility in the presidential memecoin has shown the market's sensitivity to political developments. As Kamala Harris campaigns for presidency, investors would be keeping an eye on political events for new investing opportunities. I guess it's also fair to say that the presidential meme coins have played a significant role in this unusual nature of this election.
Allegations of Kamala Harris calling Bitcoin "criminals' money" have sparked debate, though evidence is lacking. Meanwhile, the unofficial KAMA meme coin has seen a dramatic rise in value.
ZeZhengBiden withdraws, backing Harris; Polymarket bets swing wildly, meme coins react dramatically.
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