The meme coins Gabin Noosum and Kamala Horris enjoy significant surges amid speculation surrounding the 2024 U.S. presidential election.
NOOSUM’s price increased notably after President Joe Biden tested positive for COVID-19, while KAMA saw gains following President Joe Biden’s lackluster debate performance against Republican nominee Donald Trump.
Since then, key Democratic figures have reportedly told Biden that his path to victory on Nov. 5 isn’t viable.
Over the past two months, meme coins inspired by potential Democratic replacements for President Joe Biden have surged in value. According to data from CoinGecko, “Gabin Noosum” (NOOSUM) has rallied by 320.8% since July 17, while “Kamala Horris” (KAMA) has surged by 905% in the past 30 days.
Crypto prediction markets currently favor Vice President Kamala Harris as the preferred Democratic nominee, giving her a chance of winning the presidency, while Biden’s chances have declined.
Barely 24 hours after Biden tested positive for COVID-19, bettors on Polymarket began placing bets on Harris securing the Democratic ticket.
Those wagering on Polymarket’s “Democratic Nominee 2024” outcome have staked $13.6 million on the odds that Kamala Harris will be picked over Joe Biden. As a result, the odds of Harris representing the Democrats in the upcoming 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 fueled by the belief that Biden may step aside before the 2024 election. The BODEN token, based on the current president, has plummeted by 45% over the last seven days amid rumors of his potential withdrawal.
At the time of writing, the meme coin frenzy continues. NOOSUM, based on 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 discussions about a potential replacement for Biden gain momentum, Harris has faced both increased scrutiny and support. Some within the party question her credentials and approval ratings, while others advocate for her due to her national profile, campaign infrastructure, and appeal to younger voters.
As the political landscape shifts, it remains to be seen how these meme coin rallies will influence the upcoming election cycle.
MAGA (TRUMP) rallies on heels of RNC
The MAGA (TRUMP) token is up by 11% over the past 24 hours. At last check, it trades at $6.96. This increase has boosted its market capitalization to over $320 million.
TRUMP token’s surge comes after Trump delivered a long-winded speech to conclude the four-night Republican National Convention event in Milwaukee.
Following a recent assassination attempt during a rally, Trump’s chances of winning the presidency, according to bettors on Polymarket, improved significantly. The TRUMP increased over 40% after the incident. This rise was fueled by speculation that a Trump victory would boost the token’s value.
Similarly, Other Trump-themed meme coins, such as Tremp (TREMP) and Maga Hat (MAGA), also experienced significant price increases following the incident.
Investors perceive Trump as a pro-crypto candidate, which enhances the appeal of tokens related to him.
According to blockchain intelligence firm Arkham, Donald Trump currently holds 579,290 TRUMP tokens, valued at approximately $4 million based on the latest report.
Per a May 27 post on X by Lookonchain, an astute trader made a $2.7 million profit in just three days on the Trump-themed MAGA (TRUMP) meme token. The trader spent over $535,000 to buy six billion MAGA tokens on May 25, achieving a return of over 505 times his initial investment.
Since its launch in October 2023, the MAGA (TRUMP) token has seen a price increase of over 60,703%.