- In the past day, there have been noticeable swings in the value of two meme coins that are based on the name of Kamala Harris, the recent Democratic nominee for president.
Kamala Harris (HARRIS) is now trading at $0.001936 after a stunning 115.46% rise over the previous day.
With a market value of $1.66 million and a $545,423 24-hour trading volume, this increase is noteworthy.
The market capitalization of the token, when completely diluted, is $1.94 million, and there are around one billion HARRIS tokens in circulation. Nevertheless, a 16.06% drop in trading volume from the day before suggests that the market is being cautious.
Additionally, Kamala Horris, another meme coin with a Harris theme Horris Kamala Kama -14.56% The price of Kamala Horris, which is currently up 26.7% in the last day at $0.01718, has showed a contrary pattern.
KAMA’s 24-hour trading volume is $10.15 million, with a market cap of $17.13 million. The market cap of the token, which has a total supply of around 995.5 million in circulation, is reflected in its fully diluted valuation.
Even with this encouraging trend, KAMA’s past data indicates a more erratic path. KAMA has decreased by 25.4% during the last seven days, while it has increased by 55.8% during the previous 14 days.
The market’s erratic responses to the political changes and the general unpredictability in the cryptocurrency field may be the cause of this volatility.
The wider picture: the attitude of the market and governmental power
The general perception of the HARRIS and KAMA coins emphasizes how political changes affect the cryptocurrency market.
Harris wants to mend his relationship with the cryptocurrency world. She was positioned as the presumed Democratic nominee after President Joe Biden declared he would not seek reelection.
Since then, especially in light of the industry’s regulatory scrutiny, she has worked to reposition the Democratic Party to be more welcoming to cryptocurrency.
Many within the cryptocurrency industry continue to have disagreements with the U.S. Securities and Exchange Commission (SEC) and Gary Gensler, the chairperson selected by Biden.
According to reports, Harris has started talking to big cryptocurrency companies like Coinbase, Circle, and Ripple Labs in an effort to set herself apart from the previous administration’s strict position on the industry.
Depending on how well she can articulate how she differs from past policy, her chances to interact with industry leaders and attend important crypto conferences might help or hurt her candidacy.
Harris’s refusal
A meme coin associated with Republican contender Donald Trump, however, is declining.
The coin with the Harris motif had a remarkable recovery, but the MAGA (TRUMP) coin saw a noticeable decline.
With a market valuation of over $189.7 million, the coin’s price was trading at about $4.32 as of the previous check, a decrease of more than 4.6%.
Following a Trump rally at Atlanta’s Georgia State University Convocation Center, the MAGA decline occurred.
At the rally on Saturday, Trump made up the story that he won Georgia in the 2020 presidential contest and attacked fellow Republicans Brad Raffensperger, the secretary of state, and Georgia Governor Brian Kemp personally for being unfaithful.
Next up
According to Bloomberg, on August 5, the Harris campaign will hold a roundtable discussion with notable members of the crypto community and her election campaign.
This is the Democrats’ most recent attempt to change the way cryptocurrency aficionados view the party in the run-up to November 5th’s election.
Harris is apparently receiving advice from cryptocurrency expert and former Binance adviser David Plouffe, who had worked for former President Barack Obama.
Plouffe also serves as a global strategic advisor for the provider of fiat-crypto payment solutions, Alchemy Pay.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
