The Impact of Political Events on the Cryptocurrency Market
Date: 2024-07-22 Author: Henry Casey Categories: CRYPTO PAYMENTS
US Vice President Kamala Harris found herself in the spotlight of the cryptocurrency community after Joe Biden announced his withdrawal from the presidential race. This statement influenced the growth of the KAMA memcoin dedicated to her, which jumped by 79%. In this article, we will look at how political events affect the cryptocurrency market, as well as other related trends.
On July 21, 2024, current US President Joe Biden announced his decision not to participate in the upcoming elections. Instead, he expressed support for Vice President Kamala Harris as the Democratic nominee. This statement immediately attracted the attention of not only politicians, but also the cryptocurrency community.
The growth of memcoin KAMA
Amid the news of Kamala Harris' candidacy, a memecoin dedicated to her, called Kamala Horris (KAMA), saw significant growth. According to CoinGecko, the value of the token increased by 79% in 24 hours. On the evening of July 21, the price of KAMA was at $0.011, but soon after Biden’s announcement it began to rise rapidly, reaching an all-time high of $0.026. The token trading volume per day amounted to $19.5 million, and over the past seven days the price of KAMA has increased by 298%. At the time of writing, the price has stabilized at $0.019.
Besides KAMA, Biden's announcement also affected other memecoins associated with politicians. Tokens dedicated to Joseph Biden (Jeo Boden) and Donald Trump (MAGA) have lost significant value. BODEN fell 57% and MAGA fell 7.3%. This shows how quickly political events can affect the value of PoliFi tokens.
The emergence of new PoliFi tokens
Amid news of Biden’s withdrawal from the election race, new PoliFi tokens dedicated to the current president and vice president appeared on the Pump.fun platform. This indicates a growing interest in cryptocurrencies associated with political figures and events.
Events related to the US political scene have a significant impact on the cryptocurrency market. Joe Biden's support for Kamala Harris has led to an increase in the value of the KAMA memcoin, further highlighting the relationship between politics and cryptocurrencies. At the same time, the fall in prices of tokens associated with Biden and Trump shows how quickly investor sentiment can change depending on the news. In the future, we can expect the emergence of new PoliFi tokens and further changes in the market depending on political events.
