As a seasoned researcher with a deep interest in cryptocurrencies and politics, I find myself intrigued by the recent price surges of meme coins inspired by potential U.S. presidential contenders. The cases of Gabin Noosum (NOOSUM) and Kamala Horris (KAMA) are particularly noteworthy.
Meme coins Gabin Noosum and Kamala Hartis experience notable growth in value, fueled by buzz and conjecture surrounding the 2024 U.S. presidential election.
The price of NOOSUM experienced significant growth after it was announced that President Joe Biden had tested positive for COVID-19. On the other hand, KAMA’s price surged following President Joe Biden’s underwhelming debate showing against his Republican rival, Donald Trump.
After that point, some prominent Democrats have allegedly shared with Biden that his prospects for winning on November 5th appear uncertain.
Over the last two months, coins modeled after potential Democratic successors to President Joe Biden have experienced significant price increases. As per CoinGecko’s records, “Gabin Noosum” (NOOSUM) has seen a 320.8% gain since July 17, while “Kamala Horris” (KAMA) has spiked by an impressive 905% within the past thirty days.
According to current predictions in crypto markets, Vice President Kamala Harris is the frontrunner among Democratic nominees with a good probability of securing the presidency, whereas Joe Biden’s chances have noticeably decreased.
Just over a day after Biden’s COVID-19 diagnosis, wagers on Polymarket started pouring in for Harris to secure the Democratic nomination instead.
Individuals placing bets on Polymarket’s “Democratic Nominee 2024” prediction market have invested a total of $13.6 million, believing that Kamala Harris will secure the Democratic nomination for the November election over Joe Biden. Consequently, Harris’s chances of being the Democratic nominee have significantly increased, reaching approximately 52% on July 18, compared to under 25% just a few days prior.
There’s growing speculation among meme coin investors that President Biden may not run for re-election in 2024, causing a surge in these digital assets. The value of BODEN token, linked to the current presidency, has dropped by 45% over the past week due to these rumors.
Currently, the craze surrounding meme coins remains unabated. The coin representing California Governor Gavin Newsom, named NOOSUM, experienced a 49% price drop in just the last 24 hours. On the other hand, KAMA, which is inspired by Vice President Kamala Harris, underwent a 21% decline during the same time frame.
As an analyst, I’ve observed that Vice President Harris has kept a low profile regarding her views on cryptocurrencies. In contrast, Colorado Governor Jared Polis has been more open about his advocacy for the crypto industry.
With the ongoing speculation about a possible new leader for the Democratic Party, Harris finds herself under closer examination, attracting both criticism and endorsement in equal measure. Some party members raise concerns over her qualifications and popularity ratings, while others champion her cause based on her prominent public image, well-established campaign machinery, and allure to younger demographics.
With the changing political terrain, it’s yet uncertain how meme coin rallies will impact the forthcoming electoral process.
MAGA (TRUMP) rallies on heels of RNC
Over the last 24 hours, the MAGA (TRUMP) token has experienced a noteworthy surge of 11%. Currently, it is being traded at a price of $6.96. Consequently, this growth has significantly expanded its market value, surpassing the $320 million mark.
The increase in value for the TRUMP token can be attributed to Trump’s lengthy speech during the final night of the Republican National Convention in Milwaukee.
After a recent assassination attempt at one of his rallies, the probability of Donald Trump securing the presidency, as predicted by bettors on Polymarket, has noticeably surged. Trump’s odds have risen by more than 40%. This upswing in Trump’s chances is driven by conjecture that a victory for him would positively impact the value of the associated token.
Just like Tremp (TREMP) and Maga Hat (MAGA), other meme coins with a Trump theme saw substantial price surges after the event transpired.
Investors view Trump as a favorable figure towards cryptocurrencies, making tokens associated with him more attractive.
Based on information from blockchain intelligence firm Arkham, Donald Trump’s holdings amount to around 579,290 TRUMP tokens. The current value of these tokens is estimated to be roughly $4 million.
According to a May 27 post on Lookonchain by an observant investor, this individual raked in a substantial earnings of $2.7 million within a three-day timeframe from trading the Trump-themed MAGA (TRUMP) meme token. This savvy trader parted with approximately $535,000 to acquire over six billion MAGA tokens on May 25th, ultimately reaping a return that surpassed his initial investment by an impressive 505-fold.
Since its launch in October 2023, the MAGA (TRUMP) token has seen a price increase of over 60,703%.
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2024-07-20 16:54