Biden's exit boosts Kamala Harris meme coin to record high
The cryptocurrency world experienced a significant shift in the political meme coin sector following US President Joe Biden's announcement that he would not seek re-election. KAMA, a meme coin inspired by US Vice President Kamala Harris, more than doubled in price shortly after Biden's announcement. KAMA reached an all-time high of 2.4 cents, pushing its market cap to $24 million and making it nearly four times larger than the once-dominant Biden-inspired coin BODEN.
Biden's withdrawal triggers drop in value of BODEN
Biden's decision to withdraw from the re-election campaign led to a nearly 50% drop in the value of BODEN. This political upheaval has sparked crypto traders to generate a wave of new tokens mocking both Harris and Biden on the meme coin launchpad Pump.fun. Most of these newly minted tokens are likely to plummet in value as buyers and sellers engage in a high-stakes game of order book chicken. Donald Trump-themed meme coins had soared 60% following his assassination attempt.
Meme coins primarily trade on Solana blockchain
The high-stakes game of order book chicken, involving the buying and selling of newly minted tokens, is primarily played on the Solana (SOL) blockchain. This platform is where most meme coins are traded.
