Following the assassination attempt involving former President Donald Trump at a campaign rally in Pennsylvania, the prices of Geo Borden (BODEN) and Kamala Horris (KAMA) meme coins have dropped significantly.
Tokens parodying the names of President Joe Biden and Vice President Kamala Harris have moved in the opposite direction in price compared to the Trump meme coin.
BODEN has fallen more than 18% from its all-time high following news that Trump had been shot. The token’s price fell from around $0.12 to $0.03 as investors pulled out of the Biden-themed asset, according to CoinGecko data.
The PoliFi (political finance) sector has also seen significant declines, with the CoinStats PoliFi Index down 11% over the last 24 hours. This decline coincides with the upcoming elections in the United States.
Traders and investors in the PoliFi space have focused on platforms like Polymarket, where “yes” shares are up over 60% on a contract asking if Biden will drop out of the race.
Over the past 14 days, BODEN has fallen more than 35%. This sharp decline in BODEN price reflects the growing uncertainty surrounding Biden’s future as the Democratic nominee for the 2024 presidential election.
Election Anxiety: Kamala Horris (KAMA) Meme Coin Drops 27%
The KAMA meme coin has surged in value following Biden’s uninspiring debate performance. It is down 27% in the last 24 hours and 36% in the last seven days.
Fundamental analysis suggests that KAMA prices have been affected by growing doubts about President Biden’s re-election chances and the growing likelihood that Vice President Kamala Harris will become the Democratic nominee.
But now the attention has shifted to the TRUMP token, which boasts a larger market cap and higher trading volume than KAMA.
At the time of writing, Kamala Horris was trading at $0.0056 and had a 24-hour volume of $1.4 million.
The volatility of BODEN and KAMA tokens shows a close correlation between political events and the performance of meme coins related to specific candidates or politicians.
As the election approaches, price volatility in these tokens is likely to continue, reflecting the changing political landscape.