KEY POINTS
- $KAMA was up by over 106% Sunday night after a weeklong rally of 276%
- Barack Obama-themed $OBEMA also climbed by over 19% Sunday night
- Harris' chances of becoming the Democratic nominee stand at 83% among Polymarket traders
It has only been hours since U.S. President Joe Biden finally stepped down from the 2024 presidential race and endorsed Vice President Kamala Harris, but the politics-themed memecoin market has already moved significantly along with the news.
Biden withdraws
Following weeks of pressure from the Democratic Party, the 81-year-old incumbent president announced Sunday he was dropping out of the race. "I believe it is in the best interest of my party and the country for me to step aside from that pursuit and focus entirely on my duties as President for the remainder of my term," he wrote.
Biden then endorsed Harris, saying it's time for the party to "come together and beat [Donald] Trump." If she secures the nomination, Harris will make history as the first Black woman to lead a major-party ticket in the United States.
$KAMA surges after Biden's endorsement
Kamala Horris ($KAMA), the memecoin based on the vice president, skyrocketed by over 106% Sunday night after Biden endorsed Harris as the 2024 Democratic presidential nominee, according to CoinGecko data.
The token has already been on a two-week rally, being up by more than 130% in the last 14 days and seeing a staggering 276% spike in the past week.
Announcement drives other Democratic-themed tokens up
Biden's withdrawal announcement also propelled other Democratic-themed memecoins up, including Alickshundra Occasional-Cortex ($AOC), which climbed by over 12% in the last 24 hours.
Barack Obama-themed $OBEMA was also on a roll, increasing by 19.6% in the backdrop of a 90.2% week-long rally.
Some Trump-based coins rode the green wave as well, with Super Trump ($STRUMP) going up by 22%, and $TRUMPIE climbing by over 13% overnight.
Polymarket traders
On Polymarket, where traders buy and sell cryptocurrencies to bet on future events, traders raised Harris' chances of becoming the Democratic Party's 2024 nominee by 83% as of early Monday.
However, another Democratic figure is also rising among Polymarket traders: former First Lady Michelle Obama, whose chances of winning are currently at 8% on the decentralized platform.
Hillary Clinton, whose bid to become the country's first female commander in chief was ended by Trump in 2016, has 2% chances of becoming the nominee, as per Polymarket traders.
What's next?
Harris still has to prove to the party that she has what it takes to challenge Trump in November so she will officially be selected as Biden's replacement. As vice president, she has struggled to gain popularity and Republicans have often targeted her as unfit to take over the presidency should something happen to Biden.
