A recent Reuters report has sparked speculation that President Joe Biden may be withdrawing from the race for the White House, leading to a surge in interest in the newly created Kamala Horris (KAMA) meme coin.
These events have sparked interest in political circles and attracted the attention of the cryptocurrency industry.
Biden’s successor?
According to Discussions are underway about Vice President Kamala Harris potentially replacing President Biden as the Democratic nominee if the president does not seek re-election, according to seven senior sources from the Biden campaign, the White House and the Democratic National Committee.
This scenario would see Harris inherit the campaign funds and infrastructure established by the Biden campaign. With her high profile and favorable questionnaire Among Democrats, Harris is considered a forceful alternative candidate.
The cryptocurrency market has also responded to these speculations, with traders on cryptocurrency-based forecasting platform Polymarket reporting a significant boost Harris’ Vice Presidential Chances becoming the Democratic candidate.
Trading in stocks indicating a “yes” answer on whether Harris will be nominated has risen from 43%, coming closer to Biden’s performance, which voters say means he has a 45% chance of clinching the White House race.
Kamala Horris soars amid political buzz
CoinGecko data further reveals the impact of these events on the meme coin market. The Kamala Horris meme coin has experienced astronomical growth, increasing by over 174% in the last 24 hours and by an astonishing 1659% in the last two weeks.
The stock price peaked at $0.01561, reflecting growing interest and uncertainty surrounding a potential change in the outcome of the upcoming presidential election.
In contrast, CoinGecko to introduce that Donald Trump’s parody meme coin, Doland Tremp (TREMP), has seen a drop of over 43% in the past seven days, currently trading at $0.4868. However, TREMP still boasts a significant market capitalization of $48 million, dwarfing other political meme coins in the cryptocurrency space.
Meanwhile, President Biden’s parody meme coin, Jeo Boden (BODEN), is up more than 22% in the past hour, showing the frenzy among cryptocurrency investors in response to the changing political landscape.
Despite this, the BODEN share price has fallen by 71% in the past week and is currently trading at $0.04533.
Ultimately, these events have implications for the political arena and the broader cryptocurrency industry. Former President Trump pro-crypto stance and emphasis on innovation were juxtaposed with the regulatory challenges faced by the Biden administration.
The lack of a clear regulatory framework and enforcement actions taken by the U.S. Securities and Exchange Commission (SEC) in recent years has raised concerns among industry participants, who say such actions could hinder growth and innovation in the nascent cryptocurrency sector.
Meanwhile, Bitcoin (BTC), the leading cryptocurrency in the market, continues to influence the sentiment of top cryptocurrencies. In the last 24 hours, BTC has experienced a modest decline of 3.4%, which has resulted in its current value of $60,220.
Featured image from DALL-E, chart from TradingView.com
