KAMA is up 125% today while the sector is down 15%.
Crypto enthusiasts are reacting to rising speculation that U.S. President Joe Biden will drop out of the presidential race by launching a token dubbed KAMA, in reference to his potential replacement as the candidate for the Democratic party, and current Vice President, Kamala Harris.
Volatility is rife with KAMA, which is up 125% to $0.013 today, although at its height it topped $0.018. The token, on par with rumors that Kamala might have to step up after Biden’s dismal debate against Donald Trump last week, has been soaring. Traders have pushed it 1,000% higher in the past seven days.
Bettors on Polymarket are also showing Harris creeping up on Biden as election day on Nov. 4 approaches.
With more than $10.7 million wagered, 68% of traders are betting Biden will drop out of the race. Meanwhile, gamblers are increasingly backing Harris as the nominee for the Democratic Party, with chances she wins the spot up to 39%, trailing Biden’s 41%
Even though Michelle Obama’s name has been floated, only 6% of traders are betting on the former first lady.
Odds are stacked against Harris in the wider presidential election, however. Donald Trump leads the bet, with 61% of the $217 million staked. Harris only has a 16% chance according to Polymarket players, while Biden trails with 13%.
Boden Plummets
Politically-charged memecoins have gained popularity in an election year for the U.S. .
Jeo Boden, a satirical image of Joe Biden, has plummeted in value in recent weeks. Today it is down 25%, trading for $0.03. The token, which nearly topped $1, is down 85% in the past month .
Across the aisle, Donald Trump has also been embroiled in the memecoin madness. His latest was the token DJT, which was allegedly created by convicted felon Martin Shkreli, and the former president’s son, Barron Trump.
The barrage of rumors ended when onchain sleuth ZachXBT revealed that Shkreli was behind the token, and received a $150,000 bounty by Arkham Intelligence.
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