As a researcher with years of experience in the cryptocurrency market and politics, I must admit that the recent developments in the 2024 US presidential race have been nothing short of intriguing. The rise of memecoins as a reflection of political sentiment is an unprecedented phenomenon that has captured my attention since its inception.
Latest speculation suggests that Robert F. Kennedy Jr. may withdraw from the U.S. presidential contest this Friday. This news has sparked PolitiFi’s token value to jump by approximately 15% on Thursday. In contrast, tokens tied to RFK Jr.’s campaign have dipped, while Trump-themed memecoins have gained momentum with a 40% increase.
RFK Jr. To Dropout Of The Presidential Race
In this phase, meme-based cryptocurrencies have led the pack, shaping the primary talking point for the first half of the year. Given the dynamic nature of the sector, crypto enthusiasts have commemorated the ongoing events by investing in these tokens, even extending to the upcoming November US presidential elections.
In my analysis, the stance of political candidates towards cryptocurrency has emerged as a crucial determining factor among voters, following the firm stance taken by the Biden administration against the crypto industry. Consequently, those advocating for a pro-crypto approach have garnered considerable backing and endorsement from the broader crypto community.
In a straightforward manner, it can be said that during his campaign, Robert F. Kennedy Jr. advocated for an industry-friendly stance, expressing support for Bitcoin and blockchain technology. But as of now, there are indications that he might withdraw from the race this coming Friday, according to recent news reports.
As reported by ABC News, it’s said that Kennedy, a potential presidential contender, intends to back ex-US President Donald Trump following his withdrawal from the race. This year, Trump has shown support for certain industries and has since begun accepting contributions in various digital currencies.
According to the report, one potential plan under consideration involves Kennedy sharing a stage with Trump during an event in Phoenix this Friday. However, it’s important to note that no decisions have been made yet, as both parties warned that Kennedy’s thoughts might still evolve.
Despite this recent development, I find myself reflecting on the announcement made by the independent candidate just a few days ago, stating his decision to not support the U.S. Vice Presidential nominee, Kamala Harris.
Trump Memecoins Take The PolitiFi Lead
1) PolitiFi tokens experienced a 15.5% increase in the past 24 hours, and memecoins linked to the ex-US president saw the highest rise. This spike occurred as speculation about RFK Jr.’s endorsement grew stronger, and online sources suggested that the republican candidate’s prospects for winning the election improved once more.
Based on Polymarket’s prediction for the 2024 Presidential Election, the probability of Donald Trump winning rose to approximately 54%, giving him a 7% advantage over Kamala Harris’ chances. After the news broke, the most popular Trump-related cryptocurrency, MAGA (TRUMP), experienced a significant surge in value.
Trump’s value has declined significantly since the end of July, when it was trading above $6. Since then, it has dipped below its $3 support level due to the August market downturn, resulting in a 41.5% decrease over the past month.
Instead, consider rephrasing as follows: On Thursday, TRUMP experienced a remarkable 55.6% jump nearing the $4.14 level. At present, it is being traded at $3.7, marking a substantial 40% rise within the past 24 hours. Similarly, other memecoins modeled after the former U.S. president have also witnessed a significant upward trend.
Following the news broadcast, stocks associated with Doland Tremp (TREMP), Super Trump (STRUMP), and MAGA Hat (MAGA) experienced gains of 16%, 25%, and 23% respectively. On the other hand, memecoins KAMA and KEIDY saw a decrease in value, with prices dropping by 30% and 57% over the past 24 hours.
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2024-08-23 07:35