Vice President Kamala Harris has seen a surge in support from traders and the crypto community after being endorsed by President Joe Biden for the upcoming U.S. presidential elections. The odds of Harris becoming the Democratic nominee have jumped to 90% on the crypto betting platform Polymarket, up from 80% earlier this week. This surge comes after a successful fundraising round that raised $81 million for the Democratic campaign in just 24 hours.
At the start of July, the odds for Harris being the nominee were a mere 8%. However, Biden’s decision not to run for re-election and his subsequent endorsement of Harris has dramatically shifted the landscape. Polymarket traders have placed $28.6 million in bets favoring Harris, with Michelle Obama being the next favored candidate.
The Solana-based memecoin KAMALA, modeled after Harris, also saw a significant increase. The token rose by 62%, reaching a new high of 2 cents and a market capitalization of $27 million. Since mid-June, the token has surged by 4,000%, largely due to Harris’ rising political prospects.
Despite her rising popularity, Harris has not publicly commented on cryptocurrencies or her stance on the market. On the other hand, Republican candidate Donald Trump has expressed support for the crypto market and is expected to speak at the Bitcoin 2024 conference.
Crypto trading firm Wintermute noted that while Harris has not yet received the official nomination, her endorsement aligns with the Democratic Party’s current strategy. Any significant changes in this expectation could lead to market volatility.
As the race for the nomination heats up, the crypto community will be closely watching for any comments from Harris or other Democratic leaders regarding their stance on cryptocurrencies. The market’s reaction to these developments could further influence the price and trading volumes of related tokens like KAMA.
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