Crypto enthusiasts reacted to increasing speculation that US President Joe Biden may withdraw from the presidential race by launching a token named KAMA, symbolizing his potential replacement of Democratic candidate and current Vice President Kamala Harris.
KAMA has shown significant volatility, surging by 125% today to $0.013, despite peaking above $0.018 at its highest. The token has been on a steep rise, echoing rumors that Harris might step down following lackluster debates last week between Biden and Donald Trump, pushing traders to elevate its value by 1000% over the past seven days.
As Election Day on November 4 approaches, bettors on Polymarket indicate Harris quietly closing in on Biden. Bets exceeding $10.7 million show 68% of traders wagering on Biden’s withdrawal from the race. Meanwhile, support for Harris as the Democratic nominee has risen to 39%, trailing Biden’s 41%.
Despite Michelle Obama’s name surfacing, only 6% of traders bet on the former First Lady. However, Harris’s odds in the broader presidential election are increasingly favorable. Donald Trump leads with 61% of $217 million in bets, while Harris stands at 16%, with Biden trailing at 13%, according to Polymarket participants’ data.
In the politically charged meme coin landscape of the US election year, tokens like the satirical portrayal of Joe Biden as “Jeo Boden” have gained popularity. Today, it plummeted by 25% to $0.03, down 85% in the past month, nearly breaching the $1 mark.
On the flip side, Donald Trump has also been swept into the frenzy of meme coins. His latest creation, symbolized as DJT, allegedly originated from convicted felon Martin Shkreli and former President’s son Barron Trump.
Rumors subsided when blockchain detective ZachXBT revealed Shkreli as the mastermind behind the token and received a $150,000 bounty from Arkham Intelligence Bureau.