The price of NOOSUM increased significantly after President Joe Biden tested positive for COVID-19. Conversely, KAMA saw gains following President Joe Biden’s lackluster debate performance against Republican nominee Donald Trump. Key Democratic figures have reportedly informed Biden that his chances of winning on Nov. 5 are not feasible.
Over the past two months, meme coins inspired by potential Democratic alternatives for President Joe Biden have experienced a surge in value. Currently, crypto prediction markets favor Vice President Kamala Harris as the favored Democratic nominee, while Biden’s odds have declined. As a result, the odds of Harris representing the Democrats in the November election rose to 52% on July 18, up from under 25% at the start of the previous week.
The rally in these meme coins is driven by the belief that Biden may step aside before the 2024 election. At the time of writing, NOOSUM, inspired by California Governor Gavin Newsom, has seen a 49% price decline in the past 24 hours, while KAMA, inspired by Vice President Kamala Harris, has declined by 21%. While Vice President Harris has been relatively quiet about her stance on crypto, other potential replacements, such as Colorado Governor Jared Polis, have been more vocal in their support for the industry.
As the political landscape shifts, it remains to be seen how these meme coin rallies will influence the upcoming election cycle. The increase in NOOSUM has boosted its market capitalization to over $320 million. On the other hand, the TRUMP token surged after Trump’s speech at the four-night Republican National Convention event in Milwaukee, as investors speculated that a Trump victory would enhance the token’s value.
Investors perceive Trump as a pro-crypto candidate, which increases the appeal of tokens related to him. One trader achieved a return of over 505 times his initial investment after spending over $535,000 to buy six billion MAGA tokens on May 25. Since its launch in October 2023, the MAGA (TRUMP) token has seen a price increase of over 60,703%.