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
TrumpCoin (DJT) surged on Wednesday following the news of Donald Trump’s participation in the Bitcoin 2024 Conference. The announcement propelled the token’s price by over 55% while other Trump-inspired memecoins increased by nearly 20%. Related Reading: Drake Loses Bitcoin Bet Following Canada’s Copa America Exit, ARG Fan Token Soars 40% Trump Joins The Bitcoin Conference On July 10, Former US president and Republican candidate Donald J. Trump was officially announced as a keynote speaker at the Bitcoin 2024 Conference. The Bitcoin Conference will occur in Nashville, Tennessee, between the 25th and 27th of July. Crypto-friendly Independent Presidential Candidate Robert F. Kennedy Jr. will also participate in the upcoming event. Moreover, former pro-crypto Republican candidate Vivek Ramaswamy will join the largest Bitcoin conference in the world as a keynote speaker. The CEO of Bitcoin Magazine, the organizer of The Bitcoin Conference, expressed his enthusiasm for Trump’s participation. “July 27th we change the course of history,” David Bailey stated in an X post. The news of Trump’s involvement in the event was well-received by many industry figures. However, other industry members and investors questioned Trump’s intentions. CryptoQuant’s CEO Ki Young Ju wondered whether the former US president’s efforts were genuine: Is this a strategy to gain votes, or is it a genuine effort to make the United States a Bitcoin nation? Does anyone know? Despite the skepticism, the crypto community seems optimistic about the news, as Trump-inspired tokens soared last night. TrumpCoin And Trump-Inspired Memecoins Soar TrumpCoin’s price quickly reacted to the news, skyrocketing 55%. The token hit the $0.013 resistance level for the first time since June 27, according to DexScreener data. DJT saw a controversial launch nearly a month ago after online reports claimed TrumpCoin was the “official” Trump token. As a result, many investors sold most of their Trump-inspired memecoins, making them crash around 30%. At the time, Martin Shrekli, also known as “Pharma Bro,” claimed that the token was officially related to Trump’s camp. Shrekli stated that Barron Trump, son of the former US president, was closely involved with TrumpCoin. However, it was later revealed that Shrekli was behind the token. Crypto sleuth ZachXBT exposed the scheme on X, uncovering the truth before Shrekli admitted his involvement in an X Space. Since then, DJT’s price has gone on a descending trajectory. The token has seen a 33% decrease in the last two weeks. However, it registers a 10% increase from its price 24 hours ago, currently trading at $0.0086. Related Reading: Football Takeover? Solana-Based Token Skyrockets 350% Following Messi and Ronaldinho’s Promotion Other Trump-inspired memecoins also surged after the news. MAGA (TRUMP) rose from the $5.74 to the $6.54 price range in the following hours. The price action represented a 15% and 39.5% surge in the daily and weekly timeframes. Similarly, MAGA Hat (MAGA) registered a 20% price increase, going from trading at $0.00015 to $0.00018. MAGA’s performance saw a 50% increase from its price a week ago. Featured Image from Unsplash.com, Chart from TradingView.com