Kamala Harris' Rising Polls Fail to Boost KAMA Meme Coin

KAMA Meme Coin Dips Even as Kamala Harris' Election Odds Improve

Kamala Harris’ chances of winning the November elections have surged to 44%, an unprecedented level for the Democratic ticket nominee. However, the meme coin inspired by her persona, Kamala Horris (KAMA), is struggling in the broader crypto market. Despite her rising election odds, the KAMA coin has dropped 12%, reflecting a general downturn in the cryptocurrency sector.

KAMA Meme Coin Plunged 12%

Although Kamala Harris’ election odds are improving, the KAMA meme coin continues to dip, currently trading at $0.01368. CoinGecko data indicates that it is down 12.42% since Saturday, mirroring the overall decline in cryptocurrencies and a 4.19% drop in global market capitalization.

Kamala Harris’ rising election odds are narrowing the gap against Donald Trump, fueled by anticipation over her selection of a running mate. Reports suggest Harris is considering candidates like Senator Mark Kelly of Arizona and Pennsylvania Governor Josh Shapiro. Some speculate that Shapiro would be a strategic choice, potentially increasing her odds against Trump. 

Meanwhile, unions are advocating for Michigan Senator Gary Peters, a vocal crypto critic, to be her vice-presidential nominee. Peters’ stance on crypto is notable, as he led a 2021 probe into its role in ransomware and co-sponsored the Digital Asset Anti-Money Laundering Act.

Elections Influencing Betting & Crypto Market

As the US Presidential election approaches, Polymarket, a decentralized prediction platform, is gaining mainstream attention. The platform has recorded over $474 million in wagers on the election outcome, with significant activity surrounding Harris' chances. The same crypto market also witnessed an increase in meme coins related to the US election Harris-inspired KAMA,  Trump-inspired MAGA, MAGA Hat, TREMP, and many more.

Recently, Polymarket Trading Volume Crossed $1 Billion due to the high craze of US elections., rising from $663 million to $1.05 billion between June and July 31, a nearly 60% increase. This surge underscores the growing adoption of cryptocurrency. In July, Polymarket's monthly volume hit a record $271 million, driven by election excitement and President Biden's withdrawal from the presidential race. Despite this growth, there are concerns about the platform's impartiality in reflecting market sentiment.

Conclusion

Despite the rise in Kamala Harris' election odds, the KAMA meme coin is struggling due to broader market trends. Polymarket's trading volume has soared past $1 billion amid the election excitement, with July alone seeing an all-time high of $271 million. However, the platform's impartiality is questioned by some, as its user base may have biases. As Harris continues to vet potential running mates, the decision remains crucial for her campaign's success. Whether the choice will further impact her odds and the meme coin inspired by her persona remains to be seen.

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