In the ever-evolving cryptocurrency world, often new tokens are immediately launched after notable events occur. Now, a fresh wave of tokens themed around the upcoming U.S. presidential election has started catching the eye of speculative investors, to the point one surged over 7,000% in 24 hours.
According to a report, a token bearing the moniker of Florida’s governor, Ron DeSantis, dubbed as RON, saw its value appreciate over 7,178% over a 24-hour period on decentralized cryptocurrency exchanges.
The token has, however, been criticized for having a low number of holders and having issues with its audit, which revealed that its smart contract can be modified by its creator in a number of ways, which include allowing them to change fees, mint new tokens, transfer specific tokens, or even disable selling on exchanges.
Hot on the heels is another politically themed token, named after Robert F Kennedy Jr ($RFK), which rose over 4,000% within the span of a few short hours. DeSantis, a key player in this unfolding cryptocurrency drama, formally threw his hat in the ring for the 2024 U.S. presidential election earlier this week.
His declaration of candidacy was initially made on Twitter, and official paperwork followed on Wednesday. DeSantis has made clear his belief that Bitcoinserves as a bulwark for civil liberties. In his view, the potential of digital assets and the freedom they afford to their users are unparalleled.
That said, it’s important for investors to exercise prudence when dealing with these new tokens. They carry a significant level of risk, especially given the fact that any individual can list them on a decentralized exchange like Uniswap or PancakeSwap
The cryptocurrency space has been dealing with a significant memecoin trend. As reported, a mysterious “super” memecoins hunter has managed to trade with gains worthy of Wall Street titans, as the trader has managed to mage an astounding 562.64 ETH, worth more than $1 million, in little over a month trading memecoins.
Whle this trader was successful, as CryptoGlobe reported PEPE’s trading frenzy has failed to rival those of rival memecoins Shiba Inu ($SHIB) and Dogecoin ($DOGE), according to an analysis conducted by popular crypto analytics firm Santiment.
When it listed the meme-inspired cryptocurrency, leading exchange Binance cautioned potential investors that PEPE lacks any inherent utility or value support mechanism. PEPE has been accused of potential insider trading, as 7% of the total token supply was reportedly purchased by insiders or team members minutes after the token generation event.
Despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom. It is now a top 100 digital asset after multiple centralized exchange listings.
Earlier, a fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.
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