Kamala Harris themed memecoin gained approximately 250% in value on July 4. This surge occurred as President Joe Biden faced increasing pressure to withdraw from the presidential race following a poor debate against Donald Trump. According to Dex Screener, the Kamala Horris (KAMA) token, marketed with a poorly drawn caricature of the US Vice President and intentionally misspelled, saw its market value rise from $3.5 million during the June 27 debate to approximately $11.9 million.
What’s Happening in the Memecoin Space?
Reuters reported on July 3, based on information from seven senior sources from Biden’s campaign, the White House, and the Democratic National Committee, that if Biden withdraws his re-election bid, Harris would be the best replacement option. Meanwhile, a similarly misspelled memecoin for President Biden, Jeo Boden (BODEN), has seen a 22% drop in the last 24 hours and a 73.4% drop over the past week, according to CoinGecko.
KAMA’s rise and BODEN’s decline followed the June 27 Biden-Trump debate. Analysts widely noted Biden’s weak debate performance, which sounded unsettling and at times seemed to lose his train of thought.
At 81, Biden is the oldest person to run for presidency. He attributed his performance in the Atlanta-hosted debate to being cold and jet-lagged, despite being in the same time zone the week before.
Notable Details in the US Elections
Voters, media outlets, and Democratic lawmakers are pressuring Biden to withdraw amid growing concerns that he cannot defeat Trump in the November 5 election. FiveThirtyEight polls show Trump leading by 2.3 points. A July 3 poll by the New York Times and Siena College also shows Trump ahead and indicates that three-quarters of voters believe Biden is too old for a high-level position, a five-point increase since the debate.
This process followed a July 2 CNN poll where three-quarters of American voters said Democrats would have a better chance of winning if someone other than Biden were the candidate. According to a July 1 CBS News poll, nearly half of Democratic Party voters believe he should not be the party’s candidate. On the crypto prediction platform Polymarket, users increased the likelihood of Biden withdrawing from the race from 19% before the debate to 64%.
