- Kamala Coin Rises 80% Since Biden’s Resignation
- Biden’s resignation has implications for political meme coin markets.
- Speculation shifted to Kamala Harris.
The Memecoin space is very competitive, with thousands of new tokens being created every day. For this reason, many Memecoins are trying to position themselves to capitalize on the latest cultural trends, including politics.
Most recently, a meme coin benefited significantly from President Joe Biden’s announcement that he would not run for reelection. After Biden endorsed Vice President Kamala Harris, the little-known Kamala coin hit an all-time high.
Kamala Coin Surges After Biden Withdraws Primary
The little-known Kamala Coin (KAMA) has seen a huge surge in demand following the major turmoil in US politics. On Monday, July 22, the coin gained almost 80% after President Joe Biden announced his resignation and endorsement of Vice President Kamala Harris. Following this news, KAMA reached an all-time high of $0.026, later correcting to $0.018.
The endorsement means Harris is likely to be the Democratic nominee to face Donald Trump in the upcoming election. Traders have taken the opportunity to buy the coin, as the campaign will greatly increase her public presence.
Since Mimecoin has no intrinsic utility, demand is largely driven by surrounding hype and what it represents. Traders expect the price of KAMA to rise with Harris’ nomination, potentially putting her on the path to becoming the next US President.
Biden tokens fall, Trump tokens rise slightly
For the same reason, Kamala tokens rose, while Biden-related mimecoins fell sharply. Geo Boden (BODEN) tokens fell 65%, Joe (BIDEN) fell 72%, and Dark Brandon (BIDEN) fell 56%.
At the same time, the Trump tokens are on the rise. Tremp and DJT surged by 10.5% and 6.5% respectively. Trump reached a price of $0.54, while Trump Coin reached $0.008, its highest level since the assassination attempt on Trump on July 13. However, the tokens have seen price corrections since then.
The increase in Trump tokens could have been due to the market reassessing the possibility of Trump’s election. However, since the tokens were immediately corrected, a more likely explanation is that investors are fleeing Biden tokens and looking for alternatives. Similar changes are likely to continue as long as the elections keep the American public interested, and this is not going to end anytime soon.
On the other side
- Most of the modern political tokens are on Solana. How easy it is It’s about issuing tokens on the network.
- Solana’s Mimecoin may experience significant price fluctuations depending on price hype and many other factors.
Why this matters
The rise of Kamala Coin shows that Mimecoin often sticks to the actual trend and rides it to death. However, it also shows how politics has become integrated into the Mimecoin market as traders try to take advantage of every trend.
Learn more about why most political meme coins are on Soolana:
Why Solana Became the Home for the Memecoin Token Launch
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