KAMA Meme Coin Sinks Despite Kamala Harris’ Rising Election Odds

3 months ago 38

Kamala Harris’ odds of winning the November elections have soared to 44%, an unprecedented level for the de-facto Democratic ticket nominee. Meanwhile, Kamala Horris (KAMA), the meme coin inspired by her persona, is struggling due to the broader crypto market sentiment.

As the US Presidential election approaches, Polymarket is capturing mainstream attention. The decentralized prediction platform records over $474 million in wagers on the election’s outcome.

KAMA Meme Coin Ignores Kamala Harris’s Winning Odds Surge

Kamala Horris continues to dip, trading for $0.01596 at the time of writing. CoinGecko data shows it is down 5% since the Friday session opened. This fall comes as meme coins reflect market sentiment, with the cryptocurrencies dropping and global market capitalization now down 0.73%.

In contrast to KAMA, Kamala Harris’s winning odds in the November elections are rising, narrowing the gap against Donald Trump.

The odds come amid anticipation for the current Vice President to pick her running mate in the upcoming elections. Reportedly, Harris has already started vetting potential running mates, which is a critical decision as the elections approach. Her selection will mark one of the most consequential decisions of her presidential candidacy.

There is speculation that Kamala Harris will choose Senator Mark Kelly of Arizona, while others suggest Pennsylvania Governor Josh Shapiro. Some believe Shapiro would be a better choice, further tilting the odds against Trump.

Nevertheless, Unions are reportedly pushing Michigan Senator Gary Peters to serve as the vice presidential nominee on the Democratic Party ticket. Peters is a vocal crypto critic, which explains his “F” rating on Stand With Crypto, a digital asset advocacy nonprofit founded by Coinbase in 2023.

In 2021, he led a probe into crypto as an enabler for ransomware. He was also among the sponsors of Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act.

Polymarket Cumulative Trading Volume Crosses $1 Billion

With the election buzz, Polymarket trading volume has soared past $1 billion since its inception. It rose from $663 million to $1.05 billion between June and July 31, marking an increase of nearly 60%. This surge in cumulative volume highlights the increasing adoption of cryptocurrency.

As BeInCrypto previously reported, Polymarket’s monthly volume in July reached an all-time high of $271 million due to election euphoria. Joe Biden’s decision to withdraw from the presidential race was a major driver of this spike.

Nevertheless, the platform’s impartiality remains in question, particularly where it concerns representation of market sentiment.

“Someone explain to me how Polymarket is an accurate measure of political sentiment when it’s a crypto platform and the users are massively biased against one political party? Am I being naive or are a lot of you ignoring this important data point,” a user recently asked his 1.6 million followers on X.

The post KAMA Meme Coin Sinks Despite Kamala Harris’ Rising Election Odds appeared first on BeInCrypto.

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