Brat energy: Kamala Harris memecoin goes 100x in 3 months as pump intensifies
Polymarket betters say Kamala Harris has better odds than Biden of winning against Trump
Vice President Kamala Harris | Sheila Fitzgerald/Shutterstock modified by Blockworks
Crypto isn’t just macro now. It’s political.
If you need any proof, look to the memecoin market. An unofficial Kamala Harris parody memecoin on Solana (KAMA) has exploded by 10,000% over the past three months.
That’s $0.0003216 to $0.0319. And okay — it’s easy for micro-cap memecoins to go ballistic. KAMA’s market cap was under $100,000 in its earliest days of trading in late March. Any relatively small amount of buying pressure was destined to drive its prices upward.
But KAMA has done so well that it’s only another 15% away from flipping doland tremp, another Solana parody coin launched one month earlier.
Read more: PolitiFi parodies are half-way to the US election — but it’s uphill from here
TREMP was worth as much as $150 million in the first week of June — now it’s $43 million to KAMA’s $38 million, at time of writing. Boden has meanwhile crashed from an April high of over $650 million to $11.1 million right now — a 98% collapse.
It’s not exactly that crypto really loves Kamala Harris, which would lead traders to buy a silly memecoin in a show of solidarity of some sort.
It’s more likely that Kamala Harris running against Donald Trump made for one of the more attractive bets on the US election season so far.
That KAMA has rallied even harder in the few days since her presidential campaign started shows that certainty begets the pump.
The “brat energy” narrative pushed by parts of the media wouldn’t be hurting, either.
In any case, KAMA is still far below the $300 million market cap of MAGA, the Trump-themed token launched on Ethereum last year. KAMA would have to rally another 70% to match that, if MAGA were to trade sideways here on out.
Memecoins aside, Polygon-powered betting venue Polymarket has turned out to be incredibly useful in gauging political sentiment — leading to all-time high volumes.
Polymarket betters, now with $370 million on the line, say Trump has 62% odds of winning in November to Harris’ 28.9%, with the latter trending upwards.
Before he dropped out, Biden was at 18% to Trump’s 70%, which may indicate that Harris has a much better shot than Biden, but not yet enough to take the cake.
Updated Jul. 26, 2024 at 5:25 am ET: Corrected Polymarket’s native blockchain.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- 0xResearch: Alpha in your inbox. Think like an analyst.
