Kamala Harris' meme coin hits all-time high after Biden drops from White House race

KAMA, the meme coin of US Vice President and potential Democratic presidential candidate Kamala Harris, hit an all-time high of 2.4 cents just minutes after President Joe Biden withdrew from the White House race on Sunday (Jul21).

According to a report by CoinDesk, with amarket cap of $24 million, KAMA is nownearly four times as large as the Biden-inspired coin BODEN. The report said that following Biden's announcement, BODEN fell by nearly 50 per cent.

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A political shakeup

The CoinDesk report pointed out that the political shakeup promptedtraders to create a wave of new tokens lampooning Harris and Biden on the meme coin launchpad Pump.fun.

Most of these tokens would likely craterin value as buyers and sellers play a game of order book chicken atop the Solana (SOL)blockchain, where most meme coins trade.

Many Democrats backing Harris as president

As Biden stepped down from the presidential race, many Democrats quickly backed Harris to run as the party'spresidential nominee against Donald Trump.But there are plenty of doubts inside the Democratic Party about whetherHarriscan beat Trump, the Republican nominee and former president.

Biden himself endorsedHarrison Sunday, in a separate statement following his letter saying that he is stepping down.

Also watch |Biden endorses Kamala Harris to be Democrat nominee

The list of Democratic lawmakers endorsingHarrisgrew as the day progressed. But some powerful party leaders includingformer House of Representatives Speaker Nancy Pelosi, have remained silent, a report by the news agency Reuters said.

Senate Majority Leader Chuck Schumer, who praised Biden's decision to step aside, also was silent on who should be the Democrats' nominee.

(With inputs from agencies)