On Sunday (21 July), President Joe Biden dropped a bombshell that sent the internet into a frenzy. He officially withdrew himself from the running to be re-elected President in November’s election.
There are now two frontrunners to be the Democratic nominee: Kamala Harris and Michelle Obama. PolitiFi meme coins parodying the new nominees have quickly gone viral in typical crypto degen fashion.
Kamala Harris Meme Coin Explodes With Nearly $16 Million Trading Volume In 24 Hours
Kamala Harris is the favourite to be the next Democratic nominee and has now been endorsed by Biden.
This is reflected in the performance of $KAMA (Kamala Horris). This meme coin has been around since the end of March but hasn’t seen much movement until this month.
Since rumours of Biden stepping down began swirling, KAMA has been on a tear. On July 17, its market cap was just $3 million and today, it sits at around $18 million, an increase of 5x.
On Sunday, KAMA briefly tapped an all-time high of $30 million market cap, meaning a 10x return for investors who bought the $3 million bottom on July 17.
KAMA is approaching another milestone – token holders. It is close to the coveted 10,000 mark, with 8700 holders currently.
DISCOVER: The BEST Solana Meme Coins to Buy in July 2024
Michelle Obama Rumoured To Be Kemala Harris’ Competition
There is a strong belief that Michelle Obama is being propped up as a Democratic candidate to rival Harris. As a result, an Obama PolitiFi meme coin (OBEMA), is mooning.
It tapped an all-time high market cap of $30 million in early June before nuking 95{aa99edd08dd66036bd4af6c3dbe8af9b4ab31fcc55a521c2956d094a6dcd3a48} to $1.5 million. On July 17, it began climbing, shooting over $6 million before dipping back below $4 million.
Since many notable figures are now calling for Obama to be the nominee and not Harris, the OBEMA meme coin is on the rise once again. Since yesterday, it is already up 2x, with its market cap currently ranging between $6.4-7 million market cap.
It has processed a $2.5 million trading volume in the past 24 hours.
???VIVEK: MICHELLE OBAMA, NOT KAMALA HARRIS, WILL BE NOMINEE
“Look, I say this as somebody who a year ago predicted Joe was not going to be the nominee.
I’m going to predict that Kamala Harris is not going to be the nominee any either.
I would not write off the possibility… pic.twitter.com/DsCL7z1ZGL
— Mario Nawfal (@MarioNawfal) July 22, 2024
With Biden out of the race, there is a strong possibility that either KAMA or OBEMA will have a similar run to that of BODEN.
The all-time high market cap for BODEN was $740 million, meaning a 40x return for KAMA or a 100x for OBEMA. Much will depend on which of them ends up the next Democratic nominee.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
