KAMA surged nearly 250% on Thursday after the June 27 Presidential debate last week. The Kamala Harris-themed meme coin has witnessed its market cap grow to almost $11 million from $3.5 million per Dex Screener. 

While the focus has been on the two Presidential aspirants, Joe Biden and Donald Trump, Kamala Harris, the former’s running mate, is the biggest winner. Yet, is this price surge sustainable, or is it merely a flash in the pan?

KAMA is Coming

KAMA is deliberately misspelled as Kamala Horris. It is the token of the current Vice President and potential replacement for Biden. It was launched strategically ahead of the upcoming elections as a Kamala Harris-themed meme coin.

With speculation that U.S. President Joe Biden could drop out of the presidential race, KAMA has gained some steam. The token has gained massively a week from the first Presidential debate, ironically at the expense of Biden.

It is nearly $11 million after an almost astronomical 250% increase. Although it is still far from its $22.2 million market cap peak earlier on July 3, there’s no saying what price it could reach.

Multiple sources from the Biden camp, the White House, and the Democratic National Committee report that Kamala is the favorite candidate to replace him if needed. Thus, volatility is rife with KAMA. 

Even the bettors have weighed in on the debate in their way. 

On Polymarket, bettors have wagered more than $10.7 million, and 68% of traders are betting Biden will drop out of the race. Meanwhile, gamblers are increasingly backing Harris as the Democratic Party nominee, with the chances she wins the spot up to 39%, trailing Biden’s 41%.

Why Could Kamala Replace Biden

Biden performed woefully in the first debate of the 2024 United States Presidential election. The 81-year-old Democratic member struggled to articulate his words effectively against Donald Trump. Trump showed no such weakness, as the 78-year-old Republican was characteristically confident.

Biden appeared to stammer and stumble a couple of times when he spoke, which wasn’t taken lightly. Although he came out swinging with some choice words, criticizing Trump’s administration, “By the time he left, things were in chaos. So we put things back together.” But overall, he didn’t transmit charisma, as his words were not delivered with gusto.

Trump, on the other hand, was bold as he belittled Biden’s leadership and speaking difficulty. At some point, he said, “The fraud and everything else was ridiculous,” referring to Biden’s win in 2020. He also showed more poise when he spoke, although he was accused of spewing lies.

As a result, multiple questions were raised about Biden’s physical and mental fitness. 

Different media houses have shown polls reflecting voters’ doubt about Biden’s capability to lead the country for another time. Some Democratic lawmakers have reportedly pressured Biden to drop out of the race.

First, almost half of Democratic Party voters in a July 1 CBS News poll think Biden shouldn’t be the party’s nominee. Secondly, a July 2 CNN poll revealed that three-quarters of U.S. voters said Democrats would have a better attempt at winning the election with someone other than Biden as the candidate. Third, a July 3 New York Times and Siena College poll has Trump ahead and shows that three-quarters of voters think Biden is too old for the top job, a five-point increase since the debate. 

Biden’s alarming polling results follow at least four Democrats in the House of Representatives reportedly saying that Biden should step down, with one declaring that a “vast majority of the caucus shares this sentiment.”

Former House Speaker Nancy Pelosi also briefed MSNBC that it is “completely legitimate” to contest if Biden’s debate performance is a “condition” or just “an episode.”

White House officials blamed Biden’s struggles on cold and dismissed any notions of cognitive impairment. Yet, there are rumours that there have been calls made for Biden to step aside for Harris. Moreover, she is the most recognizable candidate and has the highest polling among the contenders.

When Harris was asked her opinion of Biden’s performance in the debate during a CNN interview, she said, “Yes, there was a slow start, but it was a strong finish.” 

BODEN Stumbles, But For How Long?

In a contrast of fortunes, BODEN, Biden’s meme coin, has recently done low numbers but for how long?

According to CoinGecko, the token is down by more than 26%, trading at $0.03 within 24 hours and 73.4% over the past week. Within the past month, it has dropped by 85% after almost crossing the $1 mark. 

Without a doubt, the prevailing sentiments surrounding Kamala and Trump don’t bode well for Biden. 

Nonetheless, the market can quickly turn, and prices can change, so one can’t say for sure. Moreover, with prominent Democratic stakeholders publicly supporting Biden’s candidacy, BODEN might surge back to the top quickly.

What Has Trump Been Up To?

In typical fashion, Donald Trump hasn’t been far away from the memecoin craze either. Recently, the Donald Trump meme coin, DJT, caused a bit of an uproar as market enthusiasts were manipulated into believing the former president would officially endorse the token.   

The token soared to a $400 million market capitalization within a while. This was propelled by claims that Donald Trump’s son, Barron Trump, was leading the token. Furthermore, Bo Loudon, a pro-Trump social media influencer, reiterated the news.

The controversy began to unravel when it was pointed out that DJT was initially minted by its deployer in April via an address funded through Kucoin. The individual then minted the remaining supply in June.

Remember that Kucoin faces criminal charges for illegal operations in the United States. The crypto exchange has been accused of operating an unlicensed money transmission business and violating anti-money laundering laws under the US Bank Secrecy Act. 

Things then went on a downward spiral quickly from there. 

Arkham Intelligence offered a $150,000 bounty to anyone who could identify the token’s creator. Onchain analyst ZachXBT pointed the finger at Martin Shkreli, a former pharmaceuticals CEO and hedge fund manager previously convicted of financial crimes.

ZachXBT alleged in a thread that Shkreli had an active Discord server with Cameron Roxborough as an admin. Roxborough had earlier boasted of being schoolmates with Barron Trump. Afterwards, ZachXBT was given the bounty.

In a desperate bid to garner public support, Shkreli made large bets on DJT’s authenticity with well-known traders Alex Wice and GiganticRebirth (GCR).

That move proved catastrophic, as the token’s price sank 33% almost immediately after GCR offered to wager $100 million that it wasn’t authentic. 

Unfortunately, the token has kept plunging as it now sits at an $85m market capitalization.

In all of these, Trump still has his supporters who believe that something good can still come out of the DJT token. Thus, it is left to be seen how the matter develops.

Biden Plans to Fight Back

Joe Biden has made it unequivocally clear that he will remain in the race as the Democratic candidate. This has come after the public, and some stakeholders massively criticized him for his dismal showing in the debate against Trump. It was alleged that he had to convince the public of his physical and mental fitness.

“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,” Biden said on a Zoom call with campaign staffers, per reports. 

He continued, “I’m not leaving. I’m in this race to the end, and we’re going to win.”

In a show of solidarity, a group of Democratic governors reiterated their support for President Biden after a meeting with him and Vice President Kamala Harris at the White House.

“The president has always had our backs. We’re going to have his back as well,” Maryland Governor Wes Moore told reporters.

Michigan Governor Gretchen Whitmer, who was also in the meeting, said Biden was “in it to win it, and I support him.”

Closing Remark

There is no denying that the crypto world is highly impacted by market news. Nothing has been more prominent in the past week than the 2024 United States Presidential debate. 

Joe Biden’s struggles (his debate performance and meme coin) have profited Kamala Harris as her meme coin and reputation have significantly increased. However, Donald Trump hasn’t had luck with his token, as it plummeted after being rocked by controversy. 

To his credit, the Republican aspirant has recently expressed strong support for Bitcoin (BTC), sparking discussions about classifying the cryptocurrency as a strategic reserve asset. This endorsement places Trump as the first major political party nominee to embrace Bitcoin publicly.

This is an optimistic scenario for the crypto ecosystem in the grand scheme. Thus, while only one candidate wins at the Presidential election, cryptocurrency – via meme coins or Bitcoin – also has a share of the national cake.

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