Crypto traders are once again diving into the serious realm of presidential politics through the lens of lighthearted meme coins, with one dedicated to Vice President Kamala Harris more than doubling in price on Sunday.
The Kamala Harris-themed coin, KAMA, reached an all-time high of 2.4 cents shortly after President Joe Biden announced he would not seek re-election. With a market cap of $24 million, KAMA has surged to nearly four times the size of the Biden-inspired coin BODEN, which had previously dominated the so-called PolitiFi space. Following Biden’s announcement, BODEN plummeted by nearly 50%.
This political shake-up has sparked a wave of new tokens parodying Harris and Biden on the meme coin platform Pump.fun. Historically, most of these tokens tend to lose value quickly as traders engage in speculative trading on the Solana (SOL) blockchain, where meme coins are predominantly traded.
Biden endorsed Harris’ presidential campaign, with support also coming from former President Bill Clinton, former Secretary of State Hillary Clinton, and crypto-critic Senator Elizabeth Warren. “I am honored to have the President’s endorsement and my intention is to earn 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.”
