On July 21, 2024, a Sunday evening around 8:30 p.m. Eastern Time, presidential meme coins experienced notable fluctuations. A Solana-based meme token called kamala horris (KAMA) surged over 78% within 24 hours, while crypto coins linked to the Biden family saw a steep decline. This dramatic volatility followed Joe Biden’s announcement that he would be withdrawing from the 2024 presidential race.
KAMA Leads Gains in Unpredictable Presidential Meme Coin Market
It’s highly probable that presidential meme coin assets will continue to see unpredictable price movements (both increases and decreases) from now until the election this November. Several presidential crypto assets experienced dramatic price swings on Sunday following U.S. President Joe Biden’s announcement that he was withdrawing from the election race.
Meme coins linked to Biden, specifically jeo boden (BODEN), jill boden (JILLBODEN), and hunter boden (HUNTBODEN), saw significant drops in their values. At the time of writing, BODEN had decreased by 54%, and JILLBODEN had fallen by 68%. HUNTBODEN also plummeted, losing over 24% in the past few hours.
Conversely, the Democratic party had one standout performer: kamala horris (KAMA) increased in price by 78%. Prediction markets currently expect Vice President Kamala Harris to be the Democratic nominee at the national convention. KAMA hit an all-time high of $0.02571 per coin today.
Currently, KAMA’s price is $0.01834 per token, a 27% decrease from its peak. Meanwhile, maga (TRUMP) is up 1.7% today, down 4% this week, and up 39.5% over the past two weeks. Super trump (STRUMP) rose by 25% on Sunday and has increased 29.1% over the past week. Over the last fortnight, STRUMP has surged 86% against the U.S. dollar. Additionally, kennedy memecoin (BOBBY) is up 20.4%.
The recent volatility in presidential meme coins illustrates the market’s sensitivity to political developments. As the Democratic party’s outlook shifts, so does investor sentiment, affecting associated cryptocurrencies. The varied performance of these tokens underscores the unpredictable nature of meme tokens, where political events and public perception play crucial roles in driving value changes.
So far, it’s fair to predict that this will be one of the wildest elections in U.S. history. Presidential meme coins have significantly contributed to the unusual nature of this election.
Source: Bitcoin
