Crypto traders are once again diving into the intersection of presidential politics and playful meme coins. Among these is a coin inspired by Vice President Kamala Harris, which saw its value more than double on Sunday.
KAMA reached a new peak of 2.4 cents shortly after President Joe Biden announced his withdrawal from the re-election campaign. With a market capitalization of $24 million, KAMA's value is now almost quadruple that of BODEN, the meme coin previously associated with Biden, which plummeted by nearly 50% following his announcement.
This political shift spurred traders to create numerous new tokens mocking Harris and Biden on the meme coin launchpad Pump.fun. Historically, most of these tokens are expected to lose value quickly as traders engage in rapid buying and selling on the Solana (SOL) blockchain, where the majority of meme coins are traded.
Biden has endorsed Harris' presidential campaign, receiving further support from former President Bill Clinton, former Secretary of State Hillary Clinton, and crypto-critic Sen. 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."
