As a seasoned analyst with over two decades of experience navigating political landscapes and the ever-evolving financial markets, I find myself intrigued by this latest development. The prospect of Robert F. Kennedy Jr., a pro-crypto champion, endorsing Donald Trump, if true, could shake up the 2024 presidential race significantly.
There’s a lot of chatter in American politics that Robert F. Kennedy Jr., an independent candidate, might drop out of the presidential race and back Donald Trump this week. With speculation about Trump and RFK heating up, the market value of leading political cryptocurrencies has grown by more than 8% within the past day. Notably, coins tied to Trump and memes have been at the forefront of this rise, experiencing a 40% increase in worth.
Robert F. Kennedy Jr. has been a well-known advocate for cryptocurrency during his campaign, gaining attention in April by suggesting that the entire U.S budget could be placed on the blockchain if he were to be elected. More recently, he unveiled a plan to integrate Bitcoin into the U.S national reserve, aiming to match its value with the country’s gold reserves.
However, the latest reports have sparked a wave of excitement among the crypto community. According to a recent report by ABC News, Kennedy is expected to bow out of the presidential race at an event in Phoenix on Friday. Moreover, it cites “sources familiar with the matter” who state that he might endorse Trump after exiting the race.
Significantly, a representative for Kennedy declared on the Xth that Kennedy intends to deliver a live address to the nation on Friday to discuss his future plans. Details about these plans are currently confidential. Furthermore, Kennedy’s vice-presidential nominee, Nicole Shanahan, suggested during a recent podcast that Kennedy might be considering aligning with Trump.
Kennedy has made it plain that he’s keeping his distance from Democratic vice presidential nominee Kamala Harris, adding more fire to the rumors of a possible partnership with President Trump. The news suggests a potential shared stage between Kennedy and Trump this coming Friday.
With rumors spreading rapidly, prediction markets online quickly responded. According to the latest figures from Polymarket, a decentralized platform for predictions, Trump’s odds of winning the next election currently sit at 51%, while Kamala Harris has a slightly lower chance at 48%.
Trump-Related Meme Coins and Other PoliFi Tokens Surge
The proposal that Kennedy might back Trump has sparked great interest among the public. Trump, who already enjoys significant backing from the cryptocurrency sector due to his pro-crypto stance, could significantly gain from the endorsement of another pro-cryptocurrency contender.
The hype has led to an uptick in trading for PoliFi cryptocurrency tokens as well. In the past day, the leading political meme coins have experienced a rise of more than 15%.
Significantly, the meme coin MAGA, related to Donald Trump, has seen a 20% increase in value and a staggering 100% jump in trading volume, currently standing at $6.92 million. Meanwhile, the token PEPE (TRUMP) has surged over 130% in the last day, as per data from CoinMarketCap.
Interestingly, while Kamala Harris might not be well-regarded within the crypto world, related tokens like the HARIS one have experienced a rise. In fact, over the past day, the value of the HARRIS token has climbed by 15%.
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2024-08-23 11:12