If you woke up on Tuesday morning in the US, chances are you were bombarded with news articles about Kamala Harris selecting Minnesota Governor, Tim Walz, as her running mate. This decision had some interesting implications in the world of crypto.
Firstly, the approximately $123 million crypto pool of bets on Polymarket for Harris’ running mate was distributed, with Tim Walz at just 4% odds of winning as of last Friday. Additionally, Tim Walz meme coins saw a surge in value before quickly plummeting back down. For example, the ‘tem walz’ Solana-based meme coin went from a market cap of almost $1 million to around $250,000 as investors quickly realized the bubble and pulled out their money.
What can we learn from this? Firstly, the world of crypto is unpredictable and volatile. Despite the fact that it may not feel like real money because it’s in token form, it is indeed real money being used to trade meme coins. Solana-based meme coins have played a significant role in the growth of the crypto industry, and we can expect to see more meme coins launched based on current events.
However, it’s crucial to remember that investing in meme coins like ‘tem walz’ is not a long-term strategy. It’s essential to only invest what you can afford to lose, as these coins can easily go to zero. So, while the allure of potential profits may be tempting, it’s important to approach meme coin investments with caution.
In conclusion, the events surrounding Kamala Harris’ running mate selection have shown us the wild and unpredictable nature of the crypto world. It’s a realm where trends can quickly rise and fall, and it’s crucial to approach investments with a level head and a careful eye for risk.