Crypto enthusiasts are buzzing as the KAMA token jumps 125%, reacting to rumors that President Joe Biden might exit the presidential race. The token, named after Vice President Kamala Harris, has seen significant volatility and interest.
KAMA Token’s Rapid Rise
KAMA is up 125% today, trading at $0.013, after peaking at $0.018. Speculation about Kamala Harris potentially replacing Biden after a poor debate performance against Donald Trump has fueled this surge. Over the past week, traders have driven KAMA up by 1,000%.
Market Reactions and Predictions
On Polymarket, bettors show increased support for Harris as election day approaches. With over $10.7 million wagered, 68% of traders believe Biden will drop out. Harris’s chances of becoming the Democratic nominee have risen to 39%, close to Biden’s 41%.
Despite this, Michelle Obama has only garnered 6% of trader bets. In the broader presidential race, Donald Trump leads with 61% of the $217 million staked, while Harris holds a 16% chance, and Biden 13%.
Political Memecoins on the Rise
Political memecoins are gaining popularity this election year. Jeo Boden, a satirical token of Joe Biden, has plummeted 25% today to $0.03, down 85% this month. Meanwhile, Donald Trump’s DJT token, allegedly created by Martin Shkreli and Barron Trump, faced rumors quashed by on-chain sleuth ZachXBT. Shkreli was revealed as the creator, earning a $150,000 bounty from Arkham Intelligence.
