KAMA, the Kamala Harris-inspired meme coin, has surged nearly 10%, making it one of the top gainers in its sector. The jump follows Russian President Vladimir Putin’s endorsement of Harris in the upcoming presidential election.
PolitiFi meme coins outperformed the market on Thursday even as the broader crypto space faced volatility, with Bitcoin (BTC) falling to $56,000.
President Putin Supports Kamala Harris
Russian news agency SPUTNIK reported that President Vladimir Putin made statements during a plenary session of the Eastern Economic Forum (EEF) where he expressed support for Kamala Harris. Putin’s remarks implied his continued support for Joe Biden, extending that support to Harris, who is considered Biden’s de facto successor on the Democratic ticket.
“I once said that if we could name a favorite candidate, it would be Joe Biden, but he is not currently running. He recommended supporting [Kamala] Harris: Well, that’s what we’ll do… Her laugh is so mesmerizing. It means everything is fine,” Putin said.
In February, Putin told Russian television that Joe Biden would be his preferred candidate for US president. However, after Biden withdrew his candidacy in July, Kamala Harris took over as the Democratic ticket holder. The shift has had a major impact on PolitiFi meme coins and prediction platforms like Polymarket.
Read More: Kamala Horris (KAMA) Stock Price Prediction for 2024, 2025, 2026, 2027, 2028
Still, Putin’s public endorsement of Kamala Harris is not surprising, given Trump’s open statements about how he might confront Russia in the Russia-Ukraine conflict.
“Moscow is determining which candidates it is prepared to support or oppose based in large part on their position on continued U.S. assistance to Ukraine and related issues,” Reuters reported, citing a spokesman for the U.S. Office of the Director of National Intelligence (ODNI).
Putin’s support for Kamala Harris is not surprising given Donald Trump’s statements on the Russia-Ukraine conflict. His recent speech caused a noticeable surge in PolitiFi meme coins, particularly KAMA and BODEN.
Meanwhile, crypto markets are expecting potential volatility on Tuesday, September 10, when Donald Trump debates Kamala Harris at the National Constitution Center in Philadelphia. BeInCrypto reported that this will be one of the economic events in the US that could trigger volatility in digital assets.
Notably, both sides of the political spectrum are showing growing interest in cryptocurrency. Trump made several crypto-friendly promises during the Bitcoin 2024 conference, including a pledge to fire SEC Chairman Gary Gensler. He also unveiled an initiative to engage his supporters in decentralized finance (DeFi) using the Aave protocol.
Read more: How can blockchain be used for voting in 2024?
On the other hand, Kamala Harris is reportedly in favor of crypto-friendly policies, according to her senior adviser Brian Nelson. Despite these efforts by Democrats, Polymarket players still favor Donald Trump in the upcoming election.
The KAMA meme coin is currently trading at $0.009154, representing a 9.4% gain since the market opened on Thursday.
