Following President Joe Biden's poor debate performance against Donald Trump and increasing pressure to withdraw from the presidential race.
Following President Joe Biden's poor debate performance against Donald Trump and increasing pressure to withdraw from the presidential race, a Kamala Harris-themed memecoin experienced a dramatic surge of nearly 250% as Harris became the top choice to replace Biden in the elections should he drop out. The memecoin, named Kamala Horris (KAMA), is a deliberately misspelled Solana token featuring a poorly drawn cartoon of the U.S. vice president.
KAMA’s market cap soared to nearly $11.9 million from $3.5 million at the time of the June 27 debate. However, it has declined from its peak of $22.2 million earlier on July 3. The token reached a high of over two cents on July 3 but is now trading just above one cent.
According to a July 3 report by Reuters, Kamala Harris has emerged as the top choice to replace Biden if he decides to drop his reelection bid, citing seven senior sources within the Biden campaign, the White House, and the Democratic National Committee.
Meanwhile, Jeo Boden (BODEN), a similarly misspelled memecoin for President Biden, has seen its value plummet. BODEN has collapsed over 68% in the past week. This stark contrast between KAMA's rally and BODEN's downfall follows the June 27 debate, where political analysts widely criticized Biden's performance.
The pressure on Biden has intensified as his poll numbers continue to drop. Voters, media outlets, and Democratic lawmakers are urging him to step aside amid growing concerns about his ability to defeat Trump in the November 5 election. FiveThirtyEight polls now give Trump a 2.3 percentage point lead.
A July 2 CNN poll indicates that three-quarters of U.S. voters think the Democrats would have a better chance of winning the election with someone other than Biden as their candidate. The crypto prediction platform Polymarket shows that gamblers have increased Biden's odds of dropping out of the race to 64%, up from 19% before the debate.
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