Kamala Horris (KAMA), the meme coin linked to current US Vice President Kamala Harris, is down 28% in the last seven days. This development comes following rising odds that Republican candidate and former president Donald Trump could win the next elections.
About one week ago, KAMA’s price was $0.0087. Today, the cryptocurrency is trading at $0.0059, and this analysis explains why the value of meme coins might continue to sink.
Bettors Say It’s Trump Over Harris
The Kamala Harris meme coin decline could be linked to the fact that the odds are clearly in favor of Trump winning the election. A few weeks back, both candidates were at loggerheads, as the bettors on the decentralized betting platform Polymarket were divided about who would win the election.
However, as of this writing, things have changed. According to Polymarket bets, Trump’s chances of becoming US president by next month have surged to 59.7%. Harris, on the other hand, lags with 40.2% in the VP’s favor.
As previously reported, crypto appears to play a key part in potential voters’ decision-making. While Trump has repeatedly declared his support for the industry and launched a token, Harris appears to be on the sidelines even though a recent action shows she has changed her stance.
Read more: What Are Meme Coins?
Following this development, the Bull Bear Power (BBP) shows a massive decline on the KAMA/USDT 4-hour chart. The BBP measures the strength of buyers (bulls) compared to sellers (bears).
When the reading rises, bulls are in control, and the price can increase. But in this case, the indicator’s reading has dropped, suggesting that b
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Author: Victor Olanrewaju
