Cryptocurrencies in honor of Donald Trump have risen sharply by more than 40% in just one day

Memes dedicated to former U.S. President Donald Trump showed a sharp increase of more than 40% overnight. This was facilitated by rumors about the possible withdrawal of Robert F. Kennedy Jr. from the presidential race.

According to ABC News, Kennedy may drop out of the race as early as Friday. Sources close to the candidate claim that he may support Donald Trump. This news caused significant fluctuations in the politics-related cryptocurrency market.

PolitiFi tokens, which track political events, have increased by 15.5% over the past 24 hours. MAGA (TRUMP), a token dedicated to Trump, showed the biggest jump. Its price soared by 55.6%, reaching $ 4.14.

Other Trump-related memecoins also showed significant growth. Doland Trump (TREMP) rose by 16%, Super Trump (STRUMP) by 25%, and MAGA Hat (MAGA) by 23%.

At the same time, cryptocurrencies dedicated to Robert F. Kennedy Jr. have experienced a significant drop. KAMA and KEIDY tokens lost 30% and 57% of their value, respectively.

Analysts attribute such fluctuations to the change in forecasts regarding the outcome of the US presidential election. According to Polymarket, Trump’s chances of winning have increased to 54%, which is 7% higher than his potential rival Kamala Harris. Experts advise investors to be cautious, as the situation can change quickly. There have been no official statements from the candidates' teams yet, and all scenarios remain possible.

Earlier, we told you that Trump promised to completely transform the US policy towards bitcoin and cryptocurrencies if he is re-elected. At the Bitcoin2024 conference in Nashville, he said that on the very first day he would fire Securities and Exchange Commission Chairman Gary Genslerand end policies that prevent crypto investors and companies from using digital assets.