Digital token in honor of Kamala Harris surges by 8100% in a day

Note: not investment advice!

Cryptocurrency analysts note that Joe Biden’s decision to stop his campaign has become a real sensation not only in the political world but also among crypto market players. After the news was announced, the meme-coin dedicated to Kamala Harris, the new US presidential candidate, called KAMA, rose sharply to a record 2.4 cents.

The surge in KAMA prices underscores a new trend of crypto traders engaging in political speculation through meme coins. On Sunday, July 21, one trader achieved incredible success, making a profit of 8200% on an investment of $ 960 in a new parody coin, Kamala Horris (KAMA). According to DEXScreener, the trader bought 628,200 KAMA tokens on June 26 and sold them three weeks and 266 transactions later for a profit of $ 77,829, which is more than 8107% growth.

The political news also affected the bitcoin market BTC $65,735.38 Bitcoin -0.39% Market capitalization $1.3 trillion VOL. 24 hours $0.56 billion , which temporarily fell by 2.3% to reach $ 65,885, but then recovered to around $ 67,002. Analyst Noelle Acheson explained this by saying that the increased likelihood of Biden’s replacement as president is less favorable for the cryptocurrency market.

In contrast, the Donald Trump-inspired Doland Tremp meme-coin jumped 30% to about 55 cents. With a market capitalization of $ 24 million, KAMA is now almost four times more expensive than the BODEN token, which lost 50% of its value after President Biden’s announcement.

The US leader’s decision has led to the emergence of numerous new tokens that mock both Harris and Biden on the meme coin platform Pump.fun. These tokens usually lose value quickly as traders engage in speculative trading on the Solana blockchain SOL $157.36 Solana -0.65% Market capitalization $73.79 billion VOL. 24 hours $0.25 billion .

The rise of KAMA emphasizes how political events can affect cryptocurrency trends. As the 2024 elections approach, changes in the political landscape will continue to affect the value of politically-themed cryptocurrencies.

The No Worries editorial team strongly recommends that readers do not invest their own funds in dubious crypto projects and little-known digital assets!