Kamala Horris (KAMA), a meme coin inspired by current US vice president Kamala Harris, has skyrocketed more than 320% in the past 24 hours.
The staggering gains for the meme coin come amid growing belief that President Joe Biden could drop out of this years’ US election.
On June 27, the first presidential debate between Joe Biden and Donald Trump took place. While the Trump team left the stage upbeat, most of the Democratic Party’s base felt Biden had been a disaster. Almost immediately, calls for the incumbent to step aside to allow for a replacement began to surface.
Although VP Kamala Harris has not officially commented on the matter or been publicly endorsed by the inside circle at White House, the market is factoring this possibility. A political meme coin linked to the VP went parabolic on Wednesday after a report in New York Times suggested Biden is aware of the nosedive his chance of winning has taken since the debate.
Will Biden drop out?
According to Polymarket data, traders have catapulted bets on the odds that Biden drops out to over 60%. Traders on Polymarket see a 43% Kamala Harris becomes the Democratic nominie, ahead of Biden’s 36% and Gavin Newson at 7%.
This outlook coincides with the massive upside move for Kamala Horris (KAMA). CoinGecko data shows the meme coin is up 322% to $0.01588 at the time of writing. Earlier in the day, KAMA token reached highs of $0.01852.
While KAMA appears to be soaring, “Ruburt F Kenidy Jr” (KENIDY) has slumped more than 30% in the past 24 hours. Jeo BODEN (BODEN), on the other hand, is down 37% in the past 24 hours and over 79% down this past week.