Kamala Horris （KAMA） meme coin surged 30% following former President Barack Obama’s endorsement of Kamala Harris for the upcoming presidential election, highlighting the influence of political events on meme coin markets.
Points
- KAMA meme coin up 30% after Obama endorses Harris
- Kamala Harris emerges as leading Democratic candidate
- Polymarket odds favor Harris over Trump
- KAMA outperforms other political meme coins
- Volatility and investor caution advised
Kamala Horris （KAMA）, a meme coin named in a playful reference to Kamala Harris, experienced a significant price surge of 30% on Friday. This spike followed former President Barack Obama’s public endorsement of Kamala Harris for the upcoming presidential election, illustrating the strong impact of political events on meme coin markets.
Obama’s endorsement came shortly after President Joe Biden announced his withdrawal from the presidential race, positioning Harris as the Democratic Party’s leading candidate. In his announcement, Obama expressed full support for Harris, emphasizing her potential to lead the country effectively.
Political Impact on Meme Coins
Following the endorsement, Polymarket prediction markets saw a shift in favor of Harris, with her odds increasing to 38%, closing the gap on Donald Trump. This speculative betting on Harris’s political future contributed to the surge in KAMA’s price, driving significant trading activity.
Kamala Harris also challenged Trump to a debate on September 10, further boosting the political buzz around her candidacy and the associated meme coin. KAMA’s price reached $0.03116, representing a 30% increase since the opening, with a fully diluted valuation exceeding $31 million.
In comparison, other political meme coins like MAGA and TREMP, inspired by Trump’s campaign, only saw a 10% increase. This indicates the stronger market reaction to Obama’s endorsement of Harris.
Despite the recent surge, investors are advised to exercise caution due to the inherent volatility of meme coins. The price of KAMA, like other meme coins, can be highly unpredictable and subject to rapid changes based on market sentiment and political events.
In summary, the endorsement by former President Obama has significantly boosted the price of the Kamala Horris （KAMA） meme coin. As the political landscape evolves, the impact on meme coin markets remains evident, highlighting the intersection of politics and cryptocurrency.
Explanation
- Meme Coin: A cryptocurrency that is typically inspired by internet memes or cultural references, often characterized by its speculative nature and high volatility.
- Polymarket: A prediction market platform where users can bet on the outcomes of various events, including political elections, using cryptocurrency.
- Fully Diluted Valuation （FDV）: The total value of a cryptocurrency if all its tokens were in circulation, calculated by multiplying the total supply of the token by its current price.