Kamala Harris Meme Coin Soars Post Biden's Campaign Drop

Crypto traders are once again betting on the very serious business of presidential politics via very silly meme coins. One such coin inspired by Vice President Kamala Harris, saw its value more than double on Sunday. What prompted this surge in the KAMA coin?

KAMA hit an all-time high of 2.4 cents just minutes after President Joe Biden announced he was dropping his re-election campaign. The coin now boasts a market cap of $24 million. This makes it nearly four times larger than the Biden-inspired coin BODEN. Once considered kingmaker crypto of PolitiFi. BODEN saw its value plummet by nearly 50% following Biden's announcement.

The political shake-up has led to a flurry of new tokens lampooning Harris and Biden on the meme coin launchpad Pump.fun. What does history suggest about the future of these tokens? Typically many of these tokens crater in value. Buyers and sellers engage in a high-stakes game of order book chicken. Most trading activity takes place on the Solana (SOL) blockchain where meme coins are predominantly traded.

In significant endorsement, Biden backed Harris' campaign for president. She also garnered support from former President Bill Clinton and former Secretary of State Hillary Clinton. Crypto-critic Sen. Elizabeth Warren also voiced support. What impact will these endorsements have on the future of KAMA and other political meme coins?

"I am honored to have the President's endorsement," Harris stated in a statement. She continued. "My intention is to earn and win this nomination. I will do everything in my power to unite the Democratic Party. And unite our nation to defeat Donald Trump and his extreme Project 2025 agenda."

The Kamala Harris meme coin KAMA, has soared to new heights following President Joe Biden's decision to drop his re-election bid. With a $24 million market cap, KAMA eclipses BODEN. This signals a dynamic shift in the PolitiFi landscape. Will this surge hold? Or is it another fleeting moment in meme coin history?