The Trump-themed meme coin MAGA has experienced a 20% rise in value, accompanied by a 100% increase in trading volume, now at $6.92 million.
The United States political landscape is buzzing with rumors that independent candidate Robert F. Kennedy Jr. is set to withdraw from the presidential race and support his current rival Donald Trump this week. As speculations around Trump and RFK intensify, the market capitalization of top political tokens has surged by over 8% in the last day. In particular, Trump-themed meme coins lead this charge, showing a 40% increase in their value.
Robert F. Kennedy Jr. has been a popular figure in the pro-crypto camp throughout his campaign. He made headlines in April by proposing to place the entire US budget on the blockchain if elected. More recently, he revealed a plan to incorporate Bitcoin into the US national reserve, matching the 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.
Notably, a spokesperson for Kennedy stated on X that Kennedy will “address the nation” live on Friday to discuss his “path forward”. However, specifics remain under wraps. Moreover, Kennedy’s running mate, Nicole Shanahan, hinted during a recent podcast that Kennedy was contemplating “joining forces” with Trump.
Kennedy has been clear in distancing himself from US Vice President and Democratic candidate Kamala Harris, further fueling speculation about his potential alliance with Trump. The report hints at the possibility of a joint appearance by Kennedy and Trump on Friday.
As the rumors gained traction, online prediction markets reacted swiftly. Latest data from Polymarket, a decentralized prediction market, shows Trump’s chances of winning the upcoming election are at 51%, while Kamala Harris’s chances stand at 48%.
Trump-Related Meme Coins and Other PoliFi Tokens Surge
The mere suggestion of Kennedy’s support for Trump has electrified the public. Trump, who has received massive support from the crypto industry for his positive stance, could hugely benefit from the backing of a fellow crypto-friendly candidate.
This buzz has also driven increased activity in PoliFi crypto tokens. The top political meme coins have seen a surge of over 15% in the last 24 hours.
Notably, the Trump-themed meme coin MAGA has experienced a 20% rise in value, accompanied by a 100% increase in trading volume, now at $6.92 million. Another token, PEPE (TRUMP), has skyrocketed by over 130% in the past day, according to data from CoinMarketCap.
Interestingly, despite Kamala Harris’s less favorable reputation in the crypto industry, tokens associated with her have also seen an uptick. The HARRIS token has surged by 15% in the last 24 hours.
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