On Sunday, President Joe Biden announced his decision to end his re-election campaign, citing concerns among Democrats about his ability to win a second term and the potential impact on the party’s success in November. Joe Biden thus withdrew his candidacy. This announcement significantly impacted the cryptocurrency market, especially the Kamala Harris-themed meme coin KAMA, which soared to a record value of 2.4 cents.
KAMA’s Value Increased
The increase in KAMA’s value highlighted a growing trend of crypto traders engaging in political speculation through meme coins. Following Biden’s announcement, KAMA’s value more than doubled.
Notably, one trader made significant gains by investing $960 in the Kamala Harris parody coin Kamala Horris (KAMA), achieving an 8200% return. Data from DEXScreener showed that the investor bought 628,200 KAMA tokens on June 26 and sold them over three weeks in 266 transactions, making a profit of $77,829, marking an impressive increase of just over 8107%.
During these developments, Bitcoin experienced a brief 2.3% drop, falling to $65,885 before recovering to around $67,002. Analyst Noelle Acheson attributed this drop to the increased likelihood of Biden’s replacement defeating Trump in the upcoming elections, which is seen as less favorable for the cryptocurrency market.
Trump-Inspired Meme Coin Increased
Meanwhile, a Trump-inspired meme coin called Doland Tremp rose by 30% to approximately 55 cents. KAMA’s market value is currently around $24 million, making it nearly four times larger than the Biden-themed BODEN, which fell by 50% after Biden’s announcement.
Biden’s decision also led to the proliferation of new meme coins mocking both Harris and Biden on the meme coin platform Pump.fun. Historically, these tokens tend to experience rapid value declines as investors engage in speculative trades on the Solana (SOL) Blockchain.
Support Poured in for Kamala Harris
Kamala Harris received support from prominent figures such as Biden, former President Bill Clinton, former Secretary of State Hillary Clinton, and Senator Elizabeth Warren, known for her negative views on cryptocurrency.
Expressing her gratitude, Harris said, “I am honored to have the President’s support and intend to win this candidacy. I will do everything I can to unite the Democratic Party to defeat Donald Trump and his extreme Project 2025 agenda and bring our nation together.”
