Understanding the Relationship Between KAMA Token and Political Events
After Joe Biden declared he was dropping out of the 2024 presidential contest on July 21, 2024, presidential meme coins saw significant volatility. The value of tokens connected to Biden and his family, as well as those connected to possible Democratic successors, saw a significant increase in response to this news.
- In less than two hours following the announcement, the Joe Biden-linked Jeo Boden (BODEN) token fell 60%. CoinGecko statistics show that BODEN’s market cap decreased from $16.2 million to $6.8 million, a decrease of about $10 million.
- Further losses were sustained by tokens associated with Biden’s family. After plunging as low as $0.00001733 on July 22, the Jill Boden (JILLBODEN) token saw an 82.5% decline on the previous day, closing at $0.00001298.
KAMA Token Breaks Record: How Kamala Harris’ Likely Nomination Impacted Crypto
Conversely, despite rumors that the incumbent Vice President might challenge Biden as the Democratic nominee, the Kamala Harris-affiliated Kamala Horris (KAMA) token surged. On July 21, 2024, the KAMA token experienced a 135% gain and reached its highest point of $0.02571. At $0.01934, the token is still up 84% on the last day even though it has subsequently cooled off.
The likelihood of Kamala Harris unseating Biden is 82%, according to data from the decentralized predictions market Polymarket. Other possible Democratic contenders with odds of 8% and 2%, respectively, include former First Lady Michelle Obama and Michigan Governor Gretchen Whitmer.
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