VP Kamala Harris’s First Speech On Crypto Sparks 7% Rise In This Memecoin

Memecoin Kamala Horris (KAMA) has seen its first notable increase in over a month, rising 7% in the last 24 hours, in response to comments made by US Vice President Kamala Harris, who pledged to support the growth of the crypto space if elected. 

Speaking to donors at a fundraiser in New York City on Sunday, Harris outlined her economic agenda, which aims to foster innovation in the artificial intelligence (AI) and digital asset sectors while ensuring consumer protection, according to Bloomberg. At the event held at Cipriani Wall Street, Harris stated: 

I will bring together labor, small business founders and innovators, and major companies. We will partner together to invest in America’s competitiveness and future. We will encourage innovative technologies like AI and digital assets, while protecting our consumers and investors.

Interestingly, this is Harris’ first public comment on crypto as a Democratic presidential candidate, raising expectations among investors and enthusiasts about her stance on digital assets compared to President Joe Biden’s administration.

The cryptocurrency sector is becoming increasingly influential in the 2024 presidential election, especially as industry executives and investors express frustration over what they perceive as onerous regulations under Biden. 

Harris’s campaign has indicated a desire to support the growth of digital assets while also advocating for necessary safeguards, particularly in light of recent “high-profile failures” in the crypto market.

In contrast, former President Donald Trump, Harris’s Republican opponent, has actively courted the crypto industry, promising to replace Securities and Exchange Commission (SEC) Chair Gary Gensler and to create a stablecoin framework. 

Per the report, Harris’s fundraiser was a significant event aimed at bolstering her “financial advantage” in the race against former president Trump. Tickets for the event ranged from $500 to nearly $1 million, allowing top-tier donors exclusive access to meet Harris and attend additional events. 

Harris’s campaign has reported impressive fundraising figures, raising $361 million in August alone, contributing to $404 million in campaign funds at the start of September. 

This financial backing surpasses the $130 million raised by Trump and the Republican National Committee during the same period, giving Harris and the Democrats a substantial $109 million cash advantage.

Kamala Harris’s recent statements have boosted her fundraising figures and led to gains for the memecoin KAMA, which has seen its first increase in over a month. Currently trading at $0.0052, KAMA has recorded a gain of 7.2%, recovering from a dip to $0.0500 earlier this month amidst a broader market decline.

Despite this recent uptick, KAMA remains down nearly 87% from its all-time high of $0.039, reached on July 24, according to CoinGecko data. 

It remains to be seen whether further announcements and statements of support for the digital asset industry could lead to further gains for the token in the coming days, with less than two months until the presidential election. 

Featured image from DALL-E, chart from TradingView.com