Ramazan Eles 
Kamala Harris, the U.S. Vice President, has received a significant boost in her political career as incumbent President Joe Biden endorses her for the upcoming presidential elections. This endorsement has ignited a flurry of activity in the world of meme tokens and prediction markets, with traders betting heavily on her ascent.
The latest fundraising round tied to the Democratic campaign saw a whopping $81 million raised within 24 hours, significantly boosting market sentiment. As a result, the odds of Kamala Harris being announced as the Democratic nominee have skyrocketed to 90% on the popular crypto betting application Polymarket. This is a notable increase from 80% earlier in the week, marking a new peak in market confidence.
At the start of July, bettors placed just an 8% chance on Harris securing the nomination. However, this dramatically changed after Joe Biden announced he would not contest the November elections and subsequently endorsed Harris. Data from Polymarket reveals that traders have placed $28.6 million in bets favoring Harris, with Michelle Obama being the next favorite candidate.
In parallel, the Solana-based memecoin KAMA, which is modeled after Kamala Harris, has seen a significant surge. The token jumped 62% to reach a new lifetime high of 2 cents, boasting a market capitalization of $27 million. This represents a staggering 4,000% increase from its low of $0.00061 on June 18, driven primarily by the possibility of Harris becoming president.
Kamala Harris has yet to publicly comment on cryptocurrencies or outline her strategy for the growing market. In contrast, Republican candidate Donald Trump has shown support for the crypto market and is scheduled to speak at the Bitcoin 2024 conference.
There is speculation that Harris or the Democratic Party may address the cryptocurrency industry in the coming weeks, which could influence market dynamics. Crypto trading firm Wintermute noted in a statement to CoinDesk, “Although she has not yet received the official nomination, there is a consensus that last night’s development aligns with the current Democratic strategy. In the coming days, keep an eye on comments from Democrats regarding this issue.”
Wintermute added, “The prevailing assumption is that Harris will secure the nomination, and any deviation from this expectation could cause market volatility.” As the political landscape evolves, traders and investors will be closely watching for any new developments that could impact the market.
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