HARRIS, KAMA meme coins soar as Kamala Harris pivots on crypto

Two meme coins riding on the name of new Democratic presidential candidate Kamala Harris have seen notable fluctuations in the last 24 hours.

Kamala Harris (HARRIS) has experienced a remarkable 115.46% increase over the past day and is currently trading at $0.001936.

This surge is significant considering its market cap of $1.66 million and a 24-hour trading volume of $545,423.

The token’s fully diluted market cap currently stands at $1.94 million, with a circulating supply of nearly one billion HARRIS tokens. However, the market has shown some caution, as indicated by a 16.06% decrease in its trading volume over the previous day.

Elsewhere, another Harris-themed meme coin, Kamala Horris (KAMA), has shown a contrasting trend, with its price currently at $0.01718, up by 26.7% in the past 24 hours. 

KAMA has a market cap of $17.13 million and a 24-hour trading volume of $10.15 million. The token’s fully diluted valuation mirrors its market cap, with a total and circulating supply of nearly 995.5 million KAMA tokens.

Despite this positive movement, KAMA’s historical data shows a more volatile journey. Over the past seven days, KAMA has dropped by 25.4%, though it remains up by 55.8% over the past 14 days. 

This volatility could be a reflection of the market’s mixed reactions to the political shifts and the broader uncertainty in the crypto space.

The bigger picture: market sentiment and political influence

The overall sentiment towards the HARRIS and KAMA tokens highlights the impact of political developments on the crypto market. 

Harris is seeking to reset ties with the crypto community. Following President Joe Biden’s announcement of not running for re-election, she was positioned as the presumptive Democratic nominee. 

Since then, she has made efforts to rebrand the Democratic Party to be more crypto-friendly, especially with the industry facing regulatory scrutiny.

The U.S. Securities and Exchange Commission (SEC) and its Biden-nominated chair, Gary Gensler, remain points of contention for many in the crypto community.

Harris has reportedly initiated dialogues with major crypto firms like Coinbase, Circle, and Ripple Labs, to distinguish herself from the previous administration’s stringent crypto stance. 

The potential for her to attend major crypto conferences and engage with industry leaders could either bolster or hinder her campaign, depending on how convincingly she can separate herself from previous policies.

Harris’ opposition

Meanwhile, a meme coin tied to Republican nominee Donald Trump is on the downtrend.

The MAGA (TRUMP) coin witnessed a notable drop while the Harris-themed coins enjoyed an impressive rebound. 

See below.

At last check, the coin was hovering at around $4.32, down more than 4.6% with a market cap of roughly $189.7 million.

The MAGA decline comes on the heels of a Trump rally at the Georgia State University Convocation Center in Atlanta.

During the Saturday event, Trump falsely claimed that he won the state of Georgia during the 2020 presidential election and leveled personal attacks against fellow Republicans, Georgia Governor Brian Kemp and secretary of state, Brad Raffensperger for being disloyal.

What’s next

Bloomberg reported that the Harris campaign is hosting a roundtable event on Aug. 5 that will feature prominent figures from both her election campaign and leaders from the crypto community.  

It’s the latest attempt from Democrats to reshape how crypto enthusiasts perceive the party ahead of Election Day on Nov. 5.

Crypto expert and ex-Binance adviser David Plouffe, who previously worked for former President Barack Obama, is reportedly advising Harris.

Plouffe is also a global strategic advisor to Alchemy Pay, a fiat-crypto payment solutions provider.