Meme Coins React to Shifts in US Presidential Race

The meme token Kamala Horris (KAMA) surged to an all-time high following US President Joe Biden’s announcement to end his re-election campaign.

Vice President Kamala Harris emerged as the main candidate for the Democratic Party. Coins dedicated to her saw a sharp increase in value: KAMA’s price tripled to approximately $0.03. At the time of writing, the rate corrected to $0.02, with the coin’s market capitalization at $19 million.

The cumulative value of the Cumala Whoris (CUMALA) coin, launched on July 21, reached $455,000 with a trading volume of $3.5 million. Dark Harris (HARRIS) figures were more modest — $59,000 and $617,000 respectively.

Formally, the Democratic Party’s presidential candidate will be confirmed at the convention in August. Biden has endorsed Harris’s campaign. Former President Bill Clinton, former Secretary of State Hillary Clinton, and Senator Elizabeth Warren have also expressed their support, reports CoinDesk.

“I am honoured to have the President’s support, and I intend to earn and win this nomination. I will do everything in my power to unite the Democratic Party — and unite our nation — to defeat Donald Trump and his extreme agenda,” stated the Vice President.

The price of the jeo boden (boden) token plummeted by 57% to around $0.01 following the current head of state’s announcement. The asset’s market capitalization shrank to $6.6 million.

Meme tokens dedicated to Biden family members showed a deep decline. The Jill Boden coin lost over 82%, and the Hunter Biden’s Laptop (LAPTOP) token fell by more than 45%. The market capitalization of both coins dropped below $100,000.

Meanwhile, the price of the No More Boden (NOBODEN) token, released amid these events, rose by 145% within a few hours, with trading volume reaching $2.5 million.

MAGA (TRUMP) quotes spiked to $8 at one point, but the coin lost 5% over the past day during a correction. The leading meme coin themed around Donald Trump is trading at $6.7 — below the levels preceding Biden’s announcement.

Biden’s Move Shakes Polymarket

The largest online prediction market, Polymarket, assesses Harris’s chances of replacing Biden in the presidential race at 85%. She leads significantly over former First Lady Michelle Obama (5%).

Meanwhile, a trader who bet approximately $12,490 on Harris’s nomination saw their position grow to ~$768,923, marking a gain of over 6000%.

This trade is going in the hall of fame. pic.twitter.com/bvxraUqMwC

— Polymarket (@Polymarket) July 21, 2024

Bets on Biden’s re-nomination and victory in the November elections proved futile. One player, known as AnonBidenBull, lost ~$2 million after predicting the incumbent president’s nomination and eventual victory.

‘AnonBidenBull’ just lost $2,000,000. pic.twitter.com/MGAoUKOx0K

— Polymarket (@Polymarket) July 21, 2024

According to bets, Trump’s chances of winning the election appear more favourable — 64% compared to Harris’s 29%.

The Biden administration faces criticism from the community regarding strict cryptocurrency regulation. Trump has repeatedly voiced support for digital assets in recent months. Consequently, several prominent industry players, such as Jesse Powell and the Winklevoss twins, have made significant donations to his campaign.

Some, like Ripple CEO Brad Garlinghouse or billionaire Mark Cuban, have suggested that the current administration’s policy in the crypto space could cost Biden the victory.

Harris has not publicly expressed her stance on digital assets. According to the 2023 financial disclosure, she and her husband do not own any cryptocurrencies.

Trump has chosen Senator J.D. Vance, known as a Bitcoin supporter, as his vice-presidential pick.