Kamala Harris memecoin KAMA pumps – Is this because she’ll replace Joe Biden?

• Biden’s re-election seemed uncertain, making senior Democratic sources look to Kamala Harris as a potential successor.
• Biden faced criticism over his crypto stance, whereas Harris gained polling support.

As the upcoming election draws closer, President Joe Biden faces mounting criticism — this particularly intensified after the first presidential debate.

Amidst this uncertainty, Vice President Kamala Harris emerges as a leading alternative to succeed Biden.

Kamala Harris to replace Joe Biden?

This sudden shift appears to stem from Biden’s constant anti-crypto stance, notably ignited by his veto of the repeal of Staff Accounting Bulletin 121, also known as SAB 121.

SEC Chair Gary Gensler’s ongoing scrutiny of crypto firms has further impacted Biden’s position in the upcoming election. Billionaire entrepreneur Mark Cuban put it best when he said,

“Biden has to choose between Gensler or crypto voters or it could cost him the Whitehouse.” 

Also, according to a recent report from Reuters, multiple senior sources within the Biden campaign, the White House, and the Democratic National Committee, are actively looking into replacing the former with Kamala Harris. 

However, dismissing all these speculations, Biden on a recent call with staff, noted, 

“Let me say this as clearly as I possibly can, as simply and straightforward as I can: I am running. No one is pushing me out. I’m not leaving. I’m in this race to the end and we’re going to win.” 

Things won’t change

However, many argue that replacing Biden with Harris may not bring significant change. Pointing out the reason for the same, Isaac Boltansky, director of policy research at BTIG noted,

“A Harris presidency would be, for all intents and purposes, a continuation of the Biden administration.”

However, despite the skepticism surrounding Harris, Polymarket’s prediction data showed that Kamala Harris was leading against Joe Biden in the ‘Presidential Election Winner 2024’ poll.

But former President Donald Trump still topped the poll.

Source: Polymarket

Impact on memecoins

The potential for Harris to replace Biden can also be analyzed from the performance of meme coins inspired by them. Kamala Harris-themed memecoin, Kamala Horris [KAMA], surged nearly 250% on the 4th of July.

KAMA was up by 12.90% in the past 24 hours, according to Dex Screener. In contrast, Biden-inspired memecoin Jeo Boden [BODEN] continued its bearish trend, with a decline of 24.2% in the same period.