Biden Bows Out: Is $KAMA the New $BODEN?

Just four months before the United States Presidential election, candidate Joe Biden announced that he would step down from his position as the leader of the Democrats. 

All eyes now turn to Solana’s Politifi markets, where new players are emerging in the presidential meme coin race.

Is It Over for $BODEN?

At 6.13 PM, UTC, on July 21st, President Joe Biden announced on his personal 𝕏 account that he would no longer run in the United States 2024 Presidential election. Biden has offered his full support and endorsement for current Vice President Kamala Harris.

With Joe Biden officially standing aside, things are looking dire for BODEN holders. Since recording its all-time high in April and securing a market cap of 748M, BODEN has steadily declined.

The President’s announcement seems to have been the straw that broke the camel’s back, with sellers capitulating their remaining holdings. Directly following Biden’s proclamation, BODEN dropped over 61%, crashing from $0.0234 to $0.0083 in a matter of hours, based on Step Finance data.

With no future catalysts in sight, chances of BODEN returning to previous trading levels look slim. The asset is currently down over 99% from all-time highs.

While BODEN seems to have thrown in the towel, his crypto adversary has struggled to capitalize on recent developments.

$TREMP Rallies, Struggles to Find Support

With BODEN trending to zero, one would think that TREMP would do the opposite and surge off the news that its rival was no longer running. TREMP initially reacted positively to the news, attracting an influx of buy pressure. The political meme coin rose over 25%, briefly reclaiming a market capitalization of over $50M.

However, for the second time in recent weeks, TREMP failed to find support following a breakout, promptly retracing any bullish momentum. This suggests that a large number of TREMP holders are eager to exit their positions, using any positive price action as exit liquidity.

On the other hand, the crypto community now sees Donald Trump as a clear favorite to win the Presidency in November. Polymarket, a popular blockchain-based prediction market, suggests that Trump has a 65% chance of stepping back into the Oval Office in November.

Remarkably, the biggest PolitiFi winner wasn’t TREMP, but Joe Biden’s former running mate.

$KAMA - The Face of Crypto’s Left Wing

While TREMP and BODEN have long dominated Solana’s political meme coin market, a new contender has stepped into the limelight. 

KAMA, a Solana meme coin inspired by Vice President Kamala Harris, skyrocketed off the back of Biden’s announcement, rising over 160% and briefly holding a market capitalization of $30M.

Kamala Harris has since officially announced her intention to lead the Democrats and run against Donald Trump, should she win the Democratic nomination.

Despite the Biden Administration demonstrating anti-crypto tendencies through Gary Gensler and the SEC’s approach of regulation-by-enforcement, Harris is yet to make any formal statements about her views on the asset class.

The wider crypto community sees the appointment of Kamala Harris as an opportunity to re-introduce more progressive changes to the government’s perception and regulation of blockchain technology. 

Groups like The Digital Chamber wasted no time writing an open letter to the Vice President, requesting that Harris take three key steps to embrace the industry:

• Advocate for Pro-Digital Asset Language in the Party's Platform

• Select a Vice-Presidential Candidate Sophisticated in Digital Asset Policy - Highlighting Colorado Governor Jared Polis

• Engage with Industry Leaders

Whatever happens within the Democrat’s restructuring in the coming months, Solana’s political meme coin market is drawing closer to its endgame. Regardless of the Presidential Election’s result, speculative meme coins like TREMP, BODEN, and KAMA may struggle to find price catalysts and attention after a new President is elected.

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