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Kamala Harris Memecoin Sets New Highs as Her Nominee Odds Surge to 90%
Harris has been endorsed by incumbent Joe Biden for the upcoming U.S. presidential elections, and some traders are betting on her ascent with meme tokens and prediction markets.
Jul 23, 2024, 10:48 a.m.
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- Harris has now been endorsed by a majority of Democratic delegates.
- The current Vice-President needed the majority to become the Democrat frontrunner.
Market odds and memecoins related to U.S. Vice President Kamala Harris surged as the latest donation round tied to the Democratic campaign raised $81 million in 24 hours, boosting sentiment among some traders.
Odds of Harris being announced as the Democratic nominee jumped further to 90% on crypto betting application Polymarket, rising from 80% on Monday to set a new peak.
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Bettors previously placed just 8% odds at the start of July, but that changed as incumbent Joe Biden announced on Saturday that he would no longer contest in the November elections. Biden later endorsed Harris as a candidate.
Polymarket traders have placed $28.6 million in bets favoring Harris, the data shows. The next favorite is Michelle Obama.
Elsewhere, Solana-based memecoin KAMA, a political meme token modeled after Harris, jumped 62% to set a new lifetime high of 2 cents at a $27 million market capitalization. The token is up a mammoth 4,000% since a June 18 low of $0.00061, buoyed mainly by Harris’ possibility of becoming president.
As such, Harris has yet to publicly comment on cryptocurrencies or her strategy for the growing market. On the other hand, Republican candidate Donald Trump has expressed support for the crypto market and is scheduled to appear at the Bitcoin 2024 conference on Saturday.
Some expect Harris or the Democratic party to mention the industry in the coming weeks, however, which could impact price action.
“Although she has not yet received the official nomination, there is a consensus that last night's development aligns with the current Democratic strategy,” crypto trading firm Wintermute said in a Monday note emailed to CoinDesk. “In the coming days, keep an eye on comments from Democrats regarding this issue.
“The prevailing assumption is that Harris will secure the nomination, and any deviation from this expectation could cause market volatility,” the firm added.
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