KAMA, the meme coin inspired by Kamala Harris, surged nearly 10%, making it one of the top gainers in its sector. The spike follows Russian President Vladimir Putin’s expression of support for Harris in the upcoming presidential election.

PolitiFi meme coins outperformed the market on Thursday, even as the broader crypto space faced turbulence, with Bitcoin (BTC) dropping to the $56,000 range.

President Putin Endorses Kamala Harris

The Russian news agency SPUTNIK reported that President Vladimir Putin made statements during the plenary session of the Eastern Economic Forum (EEF), where he expressed support for Kamala Harris. Putin’s remarks implied a continuation of his backing for Joe Biden, extending this support to Harris, who is considered Biden’s de facto successor on the Democratic ticket.

“I once said that if we can name a favorite candidate, it would be Joe Biden, but now he’s not participating in the election campaign. He recommended supporting [Kamala] Harris. So, that is what we are going to do… Her laugh is so fascinating. It means that everything is good,” Putin said.

In February, Putin told Russian TV that Joe Biden would be his preferred choice for the US presidency. However, after Biden withdrew from the race in July, Kamala Harris took over as the Democratic ticket holder. This shift had a major impact on the PolitiFi meme coins and prediction platforms like Polymarket.

Read More: Kamala Horris (KAMA) Price Prediction 2024, 2025, 2026, 2027, 2028

Notwithstanding, Putin’s public declaration of support for Kamala Harris is unsurprising. This is considering Trump’s open declarations of how he could stand against Russia in the Russo-Ukrainian conflict.

“Moscow determines which candidates they’re willing to support or oppose largely based on their stance toward further US aid to Ukraine and related issues,” Reuters reported, citing an official from the US Office of the Director of National Intelligence (ODNI).

Putin’s endorsement of Kamala Harris is not surprising, given Donald Trump’s statements about Russo-Ukrainian conflict. His recent speech has sparked a notable surge in PolitiFi meme coins, particularly KAMA and BODEN.

Meanwhile, crypto markets are anticipating potential volatility on Tuesday, September 10, when Donald Trump will debate Kamala Harris at the National Constitutional Center in Philadelphia. BeInCrypto reported that this would be among the US economic events capable of inspiring volatility for digital assets.

Notably, both political sides have shown growing interest in cryptocurrency. Trump, during the Bitcoin 2024 Conference, made several crypto-friendly promises, including a pledge to fire SEC Chair Gary Gensler. He has also introduced an initiative to engage his supporters with decentralized finance (DeFi) leveraging the Aave protocol.

Read more: How Can Blockchain Be Used for Voting in 2024?

Donald Trump vs. Kamala Harris, Source: Polymarket

On the other hand, Kamala Harris is reportedly embracing pro-crypto policies, according to her senior advisor, Brian Nelson. Despite these efforts from the Democrats, Polymarket bettors are still favoring Donald Trump in the upcoming election.

As of now, the KAMA meme coin is trading at $0.009154, reflecting a 9.4% surge since the market opened on Thursday.