A Kamala Harris-themed memecoin surged nearly 250% on Thursday amid mounting pressure on President Joe Biden to exit the presidential race following a lackluster debate against Donald Trump.
Kamala Horris (KAMA), a deliberately misspelled Solana token featuring a poorly drawn cartoon of the U.S. vice president, saw its market cap rise from $3.5 million at the time of the June 27 debate to nearly $11.9 million, according to Dex Screener.
However, it has since dropped from its peak of $22.2 million on July 3.
Reuters reported on July 3 that Harris is the top choice to replace Biden if he decides not to seek reelection, citing seven senior sources from the Biden campaign, the White House, and the Democratic National Committee.
In contrast, Jeo Boden (BODEN), another misspelled memecoin for President Biden, has seen a 22% decline in the past 24 hours and a 73.4% decrease over the past week, according to CoinGecko.
KAMA’s rise and BODEN’s fall follow the June 27 debate, where political analysts widely criticized Biden’s performance, noting that he sounded raspy and occasionally lost his train of thought.
Biden, at 81, is the oldest person to run for president and has attributed his performance to a cold, over-preparation, and jet lag, despite being in the same time zone the week before the Atlanta-hosted debate.
Pressure is growing for Biden to drop out as his poll numbers decline. FiveThirtyEight polls show Trump leading by 2.3 percentage points.
A July 3 New York Times and Siena College poll also shows Trump ahead, with three-quarters of voters believing Biden is too old for the presidency, a five-point increase since the debate.
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Similarly, a July 2 CNN poll found that three-quarters of U.S. voters think Democrats would have a better chance with a different candidate, and a July 1 CBS News poll revealed that nearly half of Democratic voters think Biden should not be the nominee.
Gamblers on the crypto prediction platform Polymarket now place Biden’s odds of dropping out at 64%, up from 19% before the debate.
Four House Democrats told Axios on July 3 that Biden should step down, with one stating that a “very large majority of the caucus shares this sentiment.”
Former House Speaker Nancy Pelosi told MSNBC it is “completely legitimate” to question if Biden’s debate performance was due to a “condition” or just “an episode.”
On July 3, the Boston Globe editorial board joined other major publications in calling for Biden to step down.
Despite this, Biden remains steadfast. “I am running,” he said on a July 3 Zoom call with campaign staff, according to Politico.
“No one’s pushing me out. I’m not leaving. I’m in this race to the end.”
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