In a surprising twist, a Kamala Harris-themed memecoin has soared by 250% as President Joe Biden faces increasing pressure to withdraw from the presidential race following a lackluster debate against Donald Trump.
The token dubbed Kamala Horris (KAMA), has witnessed a significant surge in its market capitalization, growing from $3.5 million at the time of the June 27 debate to nearly $11.9 million, according to Dex Screener. This growth marks a stark contrast to the fate of Jeo Boden (BODEN), a memecoin themed after President Biden, which has plummeted by over 73% in the past week.
Kamala Horris Memecoin Gains Traction
The rise of KAMA, a Solana token humorously named with a misspelling of the Vice President’s name and adorned with a caricature of Kamala Harris, underscores the volatile and often whimsical nature of the cryptocurrency market. As President Biden’s debate performance drew criticism for his apparent struggles and raspy voice, political analysts and voters have been increasingly vocal about the need for a fresh Democratic candidate.
Biden’s Memecoin Crashes as Political Pressure Mounts
Conversely, BODEN has suffered a significant decline, reflecting the growing concerns about Biden’s viability as a candidate. Biden, who is the oldest person to run for the presidency at 81, attributed his debate performance to a cold, over-preparation, and jet lag. Despite these explanations, his approval ratings have dipped, and many in the Democratic Party are calling for him to step aside.
Political and Market Reactions to Biden’s Performance
The aftermath of the debate has seen a surge in calls for Biden to withdraw. A New York Times and Siena College poll on July 3 indicated that three-quarters of voters believe Biden is too old for the presidency. Similar sentiments were echoed in a CNN poll, where a significant portion of Democratic voters felt that another candidate would have a better chance against Trump.
“I think it’s a legitimate question to say, ‘Is this an episode or is this a condition?’…of both candidates.”
WATCH: Speaker Emerita Nancy Pelosi reacts to Democrats concerns about President Biden. pic.twitter.com/KRm2fdfXH0
— MSNBC (@MSNBC) July 2, 2024
On July 3, the Boston Globe editorial board joined several other prominent publications in urging Biden to step down. Additionally, betting platforms like Polymarket have seen Biden’s odds of dropping out of the race increase dramatically, from 19% to 64% post-debate.
Biden Remains Defiant
Despite the mounting pressure, President Biden remains resolute. Reports from The Washington Post and The New York Times suggest that Biden is aware of the growing doubts but is determined to stay in the race. During a Zoom call with campaign staff on July 3, Biden stated unequivocally, “I am running. No one’s pushing me out. I’m not leaving. I’m in this race to the end.”
