In a recent report by Reuters, speculation has emerged about the possibility of President Joe Biden withdrawing from the race for the White House, leading to a surge in interest around the newly created Kamala Horris (KAMA) meme coin.
These developments have sparked intrigue in political circles and drawn attention in the cryptocurrency industry.
Biden’s successor?
According to According to seven senior sources from the Biden campaign, the White House and the Democratic National Committee, discussions are underway about the possibility of Vice President Kamala Harris replacing President Biden as the Democratic nominee if he decides not to seek reelection.
This scenario would involve Harris inheriting the campaign funds and infrastructure established by the Biden campaign. With her high name recognition and favorable voting Among Democrats, Harris is considered a strong alternative candidate.
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The cryptocurrency market also reacted to these speculations, with traders on crypto-based prediction platform Polymarket witnessing a significant increase in Vice President Harris Odds becoming the Democratic candidate.
![Kamala Horris (KAMA) surges 1,600% amid speculation Biden will drop out of presidential race 1 Kamala Horris](https://thegurumedia.com/wp-content/uploads/2024/07/Screenshot_256.jpg)
Stock trading indicating a “yes” response to Harris receiving the nomination jumped 43%, approaching Biden’s numbers, which voters say equate to a 45% chance of completing the White House race.
Kamala Horris fires amid political unrest
CoinGecko data further reveals the impact of these developments on the meme coin market. The Kamala Horris meme coin has experienced an astronomical surge, skyrocketing over 174% in the last 24 hours and an astonishing 1,659% in the last two weeks.
Its trading price peaked at $0.01561, reflecting the growing interest and uncertainty surrounding the possible shift in the upcoming presidential election.
![Kamala Horris (KAMA) surges 1,600% amid speculation Biden will drop out of presidential race 2 Kamala Horris](https://thegurumedia.com/wp-content/uploads/2024/07/Screenshot_255.jpg)
In contrast, CoinGecko show that Donald Trump parody meme coin Doland Tremp (TREMP) has faced a decline of over 43% in the past seven days, currently trading at $0.4868. However, TREMP still boasts a substantial market cap of $48 million, dwarfing other political meme coins in the crypto space.
On the other hand, President Biden’s parody meme coin, Jeo Boden (BODEN), witnessed a surge of over 22% in the last hour alone, demonstrating the frenzy among crypto investors in response to the evolving political landscape.
However, the price of BODEN has seen a 71% drop in the past week, with its current trading price at $0.04533.
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Ultimately, these developments have implications for the political arena and the crypto industry at large. Former President Trump pro-crypto stance and the emphasis on innovation were juxtaposed with the regulatory challenges faced during the Biden administration.
The lack of a clear regulatory framework and enforcement actions from the US Securities and Exchange Commission (SEC) in recent years has raised concerns among industry participants, who argue that such actions could impede growth and innovation in the nascent crypto space.
About that, Bitcoin Bitcoin (BTC), the leading cryptocurrency in the market, continues to exert its influence on the sentiment of major cryptocurrencies. Over the past 24 hours, BTC has seen a modest decline of 3.4%, bringing its current value to $60,220.
Featured image of DALL-E, chart from TradingView.com