On July 23, the meme token Kamala Horris (KAMA), dedicated to the Democratic Party’s presidential candidate Kamala Harris, surged by 62%, reaching a new price record of $0.02821.
According to CoinGecko, the coin’s market capitalization is approximately $27 million. Since its low on June 18, KAMA has risen nearly 4000%, following the withdrawal of current President Joe Biden from the race and his endorsement of Harris. The formal nomination of the Democratic Party’s candidate will be confirmed at the convention in August.
On the prediction platform Polymarket, 92% of traders have collectively wagered $28.8 million on Harris being confirmed as the Democratic candidate. The next favorite is Michelle Obama with 5%.
Republican candidate Donald Trump leads in a direct contest with Harris, according to 65% of traders.
The US election campaign has driven significant growth in metrics on Polymarket. Transaction volume on the platform has risen to $228 million since the beginning of July, more than any other month in its history.
Unlike Trump, who has expressed support for the cryptocurrency market and announced a speech at the Bitcoin 2024 conference, Harris has not publicly stated her stance on digital assets or her strategy regarding their regulation.
The trade association The Digital Chamber has addressed her with an open letter, urging a reconsideration of the party’s position on this issue.
? This morning, we sent a letter to @VP with important requests to support the #digitalasset industry. It’s in the best interest of the American people for Democrats to embrace this technology fully. @VP has a unique chance to lead this change. Here are our 3 key asks:? pic.twitter.com/9QkjQ1fxEx
— The Digital Chamber (@DigitalChamber) July 22, 2024
Bloomberg noted the hopes of Bitcoin companies for a Trump presidency. Last week, Trump introduced cryptocurrency supporter J.D. Vance as his vice-presidential candidate.