Trump-Inspired Memecoins Soar 40% Amid Rumors Of Endorsement By RFK Jr.
2024年8月23日 - 1:30PM
NEWSBTC
Recent reports claim that Robert F. Kennedy Jr. will drop out of
the US presidential race on Friday. The rumors have made PolitiFi
tokens rise over 15% on the last day. While tokens inspired by RFK
Jr. have plunged, Trump-themed memecoins took the lead with a 40%
surge. Related Reading: Dogecoin Soars 6.5% Following Elon Musk’s
Post, Is A Breakout Imminent? RFK Jr. To Dropout Of The
Presidential Race During this cycle, memecoins have been at the
front of the industry, becoming the largest narrative of the first
two quarters. Due to the sector’s nature, crypto investors have
immortalized the current event through these tokens, including the
upcoming November US presidential elections. A candidate’s crypto
stance has become a key factor for voters after the Biden
administration’s crackdown on the industry. As a result, pro-crypto
candidates have received significant support from the community.
Robert F. Kennedy Jr. was among the first to share his
industry-friendly approach throughout his campaign, endorsing
Bitcoin and blockchain technology. However, recent reports claim
the Independent candidate will drop out of the race on Friday.
According to ABC News, sources close to Kennedy claim that the
presidential candidate will endorse former US president Donald
Trump after dropping out. Trump embraced the industry this year and
later started accepting donations of different cryptocurrencies.
Per the report, “One possible scenario being discussed is for
Kennedy to appear on stage with Trump at an event in Phoenix on
Friday.” Sources familiar to both candidates cautioned that nothing
is finalized and “Kennedy’s thinking could always change.”
Nonetheless, the news comes days after the Independent candidate
revealed he would not endorse US VP and Democratic candidate Kamala
Harris. Trump Memecoins Take The PolitiFi Lead PolitiFi tokens
surged 15.5% in the last 24 hours, with the price of memecoins
inspired by the former US president taking the lead. As the rumors
of RFK Jr. endorsement hit, online reports revealed the republican
candidate’s chances of winning the election rose again. According
to Polymarket’s 2024 Presidential Election Forecast, Trump’s
chances rose to 54% after the news, with a 7% lead against Kamala
Harris’ chances. Following the news, the largest Trump-themed
token, MAGA (TRUMP), saw a massive increase. TRUMP’s price has
taken a hit since the end of July when it was trading above the $6
mark. The memecoin retraced below the $3 support zone following the
August market crashes, registering a 41.5% drop in the last 30
days. However, TRUMP skyrocketed 55.6% toward the $4.14 mark on
Thursday. As of this writing the token is trading at $3.7, a 40%
increase in the last 24 hours. Other memecoins inspired by the
former US president also saw a significant surge. Related Reading:
AAVE Breaks Out Of 2-Year Accumulation Range, Is A Parabolic Run
Ahead? After the news, Doland Tremp (TREMP), Super Trump (STRUMP),
and MAGA Hat (MAGA) rose 16%, 25%, and 23% respectively. Meanwhile,
the KAMA and KEIDY memecoins registered a 30% and 57% price drop in
the last 24 hours. Featured Image from Unsplash.com, Chart from
TradingView.com
Bitcoin (COIN:BTCUSD)
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