- Kamala Coin rises 80% after Biden’s withdrawal.
- Biden’s exit influences the political memecoin market.
- Speculation shifts towards Kamala Harris.
Memecoin space is extremely competitive, with thousands of new tokens each day. For that reason, many memecoins try to position themselves to capitalize on the latest cultural trends, including in politics.
Sponsored
Most recently, one memecoin benefited significantly from President Joe Biden announcing he would not seek reelection. After Biden endorsed his Vice President Kamala Harris, the little-known Kamala Coin reached its all-time high.
Kamala Coin Soars After Biden’s Race Withdrawal
The so-far little-known Kamala Coin (KAMA) saw a significant increase in demand after a major upset in US politics. On Monday, July 22, the coin rose almost 80% after President Joe Biden announced he would drop out and endorsed his Vice President, Kamala Harris. Following the news, KAMA reached its all-time high of $0.026, later corrected to $0.018.
The endorsement means that Harris will be the likely Democratic nominee to face Donald Trump in the upcoming election. Since the election campaign would greatly boost her public presence, traders have seized the opportunity and bought up the coin.
Since memecoins have no inherent utility, their demand mostly depends on the hype around them or what they represent. Traders expect KAMA’s price to benefit from Harris’s nomination, potentially putting her on the path to becoming the next US President.
Biden Tokens Drop, Trump Tokens See Slight Increase
For the same reason the Kamala token rose, memecoins associated with Biden significantly declined. The jeo boden (BODEN) token dropped by 65%, JOE (BIDEN) was down 72%, and dark Brandon (BIDEN) dropped 56%.
At the same time, Trump tokens rose. Doland Tremp (Tremp) and TrumpCoin (DJT), saw a surge of 10.5% and 6.5% respectively. Tremp reached a price of $0.54, and TrumpCoin touched $0.008, the highest level since the assassination attempt on Trump on July 13. However, the tokens have since seen a price correction.
The increase in Trump tokens may have resulted from the marketโs reassessment of Trumpโs election chances. However, since the tokens were immediately corrected, the more likely explanation is that investors fled from Biden tokens and sought alternatives. Similar shifts are likely to continue so long as the election keeps the attention of the US public, which wonโt be over anytime soon.
On the Flipside
- Most of the latest political tokens are on Solana, thanks to just how easy it is to launch tokens on the network.
- Memecoins on Solana can experience significant price swings driven by price hype and many other factors.
Why This Matters
Kamala Coinโs rise demonstrates that memecoins often latch to real-life trends and ride and die with them. However, it also shows how politics have integrated into the memecoin markets, as traders seek to capitalize on every trend.
Read more aboutย why most political memecoins are on Soolana:
How Solana Became the Home of Memecoin Token Launches
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