TLDR
- A Kamala Harris-themed memecoin (KAMA) surged by 250% amid speculation about Biden potentially dropping out of the presidential race.
- Biden’s performance in a recent debate against Trump has led to increased pressure for him to withdraw.
- Polls show Trump leading Biden, with concerns about Biden’s age and fitness for office.
- Other political memecoins, including those themed after Biden and Trump, have seen price fluctuations.
- Discussions are reportedly underway about Harris potentially replacing Biden as the Democratic nominee.
A memecoin themed after U.S. Vice President Kamala Harris has seen a dramatic surge in value, reflecting growing speculation about potential changes in the upcoming presidential race.
The Kamala Horris (KAMA) token, a deliberately misspelled Solana-based cryptocurrency, has gained nearly 250% since a recent debate between President Joe Biden and former President Donald Trump.
The rise of the KAMA token comes amid mounting pressure on President Biden to withdraw from the 2024 presidential race. Biden’s performance in the June 27 debate against Trump has been widely criticized, with many observers noting that the 81-year-old president appeared to struggle at times, sounding raspy and occasionally losing his train of thought.
This poor debate showing has led to increased scrutiny of Biden’s fitness for office. A New York Times and Siena College poll released on July 3 showed that three-quarters of voters believe Biden is too old for the top job, a five percentage point increase since the debate.
A CNN poll found that three-quarters of U.S. voters think Democrats would have a better chance of winning the election with a different candidate.
As concerns about Biden’s candidacy grow, attention has turned to potential replacements, with Vice President Kamala Harris emerging as a top choice. Reuters reported on July 3 that senior sources from the Biden campaign, the White House, and the Democratic National Committee are discussing the possibility of Harris stepping in if Biden drops out.
This political uncertainty has been reflected in the cryptocurrency market. While the Kamala Harris-themed KAMA token has surged, reaching a market cap of nearly $11.9 million, other political memecoins have seen mixed results. The Joe Biden-themed Jeo Boden (BODEN) token has collapsed over 22% in the past 24 hours and 73.4% over the past week.
Meanwhile, the Donald Trump-themed Doland Tremp (TREMP) token has also seen a decline of over 43% in the past seven days.
On the crypto prediction platform Polymarket, gamblers have put Biden’s odds of dropping out of the race at 64%, up from 19% before the debate.
Despite the growing pressure and speculation, President Biden has publicly reaffirmed his commitment to the race. In a July 3 Zoom call with campaign staff, Biden stated,
“Let me say this as clearly as I possibly can — as simply and straightforward as I can: I am running. No one’s pushing me out. I’m not leaving. I’m in this race to the end.”
However, reports from The Washington Post and The New York Times suggest that Biden has privately acknowledged the challenges he faces in demonstrating his fitness for office.
