Memecoin for Kamala Harris Reaches Record Highs as Her Nominee Odds Rise to 90%
In light of the impending U.S. presidential elections, incumbent Joe Biden has endorsed Harris, and some traders are placing bets on her rise using prediction markets and meme tokens.
For present, the majority of Democratic delegates have favored Harris.
To emerge as the Democratic front-runner, the incumbent vice president required the majority.
As the most recent fundraising round connected to the Democratic campaign earned $81 million in a single day, market odds and memecoins associated with U.S.
Vice President Kamala Harris rose, elevating sentiment among certain traders.
On the cryptocurrency betting app Polymarket, the odds of Harris being named the Democratic nominee increased to 90% from 80% on Monday, setting a new record.
At the beginning of July, bettors had only put 8% odds, but that changed on Saturday when incumbent Joe Biden declared he would not be running in the elections scheduled for November.
Subsequently, Biden supported Harris for office.
According to the data, traders on polymarkets have wagered $28.6 million in favor of Harris. Michelle Obama comes in second most popular.
In other news, the political meme token KAMA, based in Solana and styled after Harris, had a 62% increase, reaching a new lifetime high of 2 cents with a $27 million market valuation.
Since its June 18 low of $0.00061, the token has surged a staggering 4,000%, mostly due to Harris’s potential presidential candidacy.
In other news, the political meme token KAMA, based in Solana and styled after Harris, had a 62% increase, reaching a new lifetime high of 2 cents with a $27 million market valuation.
Since its June 18 low of $0.00061, the token has surged a staggering 4,000%, mostly due to Harris’s potential presidential candidacy.
Harris hasn’t made any statements in the public on cryptocurrencies or her plan for the expanding sector as a result.
However, Republican contender Donald Trump has stated that he supports the cryptocurrency sector. This Saturday, he is expected to speak at the Bitcoin 2024 conference.
However, others anticipate that in the upcoming weeks, Harris or the Democratic party would bring up the industry, which might have an effect on price movement.
Crypto trading company Wintermute stated in an email to CoinDesk on Monday that “there is a consensus that last night’s development aligns with the current Democratic strategy,
even though she has not yet received the official nomination.” “Pay attention to what Democrats have to say about this in the days to come.
The business went on, “Market volatility could result from any deviation from the prevailing assumption that Harris will secure the nomination.”
