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An important development occurred recently, and it was stated that Joe Biden stepped down from the presidency. Following this, it was also shared that the current Vice President Kamala Harris is the Democratic candidate for the Presidential elections. Subsequently, all eyes turned to the Kamala Horris (KAMA) meme coin. The sudden rise of KAMA did not go unnoticed by investors.
What Is the Value of KAMA Coin?
After the announcements on Tuesday, it was revealed that Harris had garnered the necessary support to be the Democratic Party’s candidate and suddenly took Joe Biden’s place.
Over the next few months, I will travel across the country to talk with Americans about everything on the agenda. I intend to unite our party and nation and defeat Donald Trump.
With this development, it was observed that the KAMA meme coin, a new addition to the recent trend of president-themed meme coins, saw an increase of over 40%. As of the time of writing, KAMA is trading at $0.02373, approaching its all-time high of $0.02821, with a market value exceeding $20 million.
Data provided by GeckoTerminal shows a noticeable 666% increase since the beginning of July, reflecting the speculative nature of meme coins once again.
Biden’s Withdrawal from Candidacy
The rise of the KAMA token coincided with President Joe Biden’s withdrawal from the 2024 election race. While it was thought that his withdrawal process was related to a television program with former president and candidate Donald Trump, it was ultimately stated that his Covid-19 diagnosis was the final straw.
Joe Biden’s withdrawal from candidacy raised questions, while Harris’s emergence as the Democratic candidate had a significant impact on the crypto community. Crypto investors turned their attention to KAMA. This shift is also seen as a trial for Harris’s political future.
Meanwhile, it was announced that KAMA was listed by high-volume exchanges such as HTX and Poloniex. Additionally, it was noted that Harris had a successful campaign launch, raising $81 million in just 24 hours.
Despite these developments, Harris has not yet commented on her stance towards crypto. Meanwhile, her potential opponent, Republican Donald Trump, has openly supported the crypto market. He will also be present at the upcoming Bitcoin 2024 conference.
Kamala Harris’s election chances are seen at 32%, with many investors indicating this could be a sign to invest in KAMA meme coins. However, it is important to remember that such meme coins are highly volatile.
