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KAMA meme coin hits all-time high after Joe Biden drops out
Cryptocurrency traders are once again betting on very serious business like presidential politics through very silly meme coins, including one for Vice President Kamala Harris that more than doubled in price on Sunday.
KAMA KAMA reached an all-time high of 2.4 cents in the minutes after President Joe Biden announced he was abandoning his reelection campaign. With a market cap of $24 million, KAMA is now nearly four times larger than the Biden-inspired coin BODEN, once the kingmaker cryptocurrency of PolitiFi. BODEN plunged nearly 50% after Biden’s announcement.
Political unrest has prompted traders to create a wave of new tokens satirizing Harris and Biden on the meme coin launchpad Bomb.fun. If history is any guide, most of these tokens will likely lose value as buyers and sellers play a game of order book chicken on top of Solana (SUN) blockchain, where most meme coins are traded.
Biden has endorsed Harris’s campaign for president. So have former President Bill Clinton, former Secretary of State Hillary Clinton and cryptocurrency critic Sen. Elizabeth Warren.
“I am honored to have the President’s endorsement and I fully intend to win and win this nomination,” Harris said in a statement. “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.”
UPDATE (July 21, 2024, 20:33 UTC): Adds Kamala Harris’ statement and endorsements.