In the ever-evolving world of cryptocurrencies, new coins are often launched right after a major event. Now, a new wave of tokens surrounding the upcoming U.S. presidential election is starting to catch the eye of speculative investors, jumping more than 7,000% in 24 hours.
A token bearing the moniker of Florida Governor Ron DeSantis, dubbed RON, has seen its value appreciate by more than 7,178% in 24 hours on a decentralized cryptocurrency exchange, according to a report.
However, the token has been criticized for its low number of holders and questionable audits, suggesting that its smart contracts can be modified by its creators in a number of ways, including allowing them to change fees, mint new tokens, transfer specific tokens , and even banned from selling on exchanges.
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Cryptocurrency warning Despite surging prices, President Ron DeSantis (RON) audit issues and low holders. Uniswap’s Trust The Ponzi (TRUST) and $ Biden backtracking. Beware of high sales tax on Donald (TRUMP) tokens. Do your research thoroughly before diving in. #Cryptocurrency News #RonDeSantis pic.twitter.com/2MgeXOER4e
— Zaraward (@mayursinh281) May 25, 2023
It was followed by another politically themed token named after Robert Kennedy Jr. ($RFK), which jumped more than 4,000% in just a few hours. DeSantis is a key figure in the unfolding cryptocurrency drama, officially donating his hat to the 2024 U.S. presidential election earlier this week.
His candidacy statement was initially made on Twitter, followed by official documents on Wednesday. DeSantis made it clear that he believes Bitcoin is a bastion of civil liberties. In his view, the potential of Crypto assets and the freedom they provide users is unparalleled.
That said, investors should exercise caution when dealing with these new tokens.They carry a lot of risk, especially considering the fact that anyone can list them on a decentralized exchange like Uniswap or PancakeSwap
The cryptocurrency space has been dealing with an important memecoin trend. A mysterious “super” memecoin hunter has reportedly managed to reap the rewards of a Wall Street mogul as the trader managed to net a staggering 562.64 ETH in more than a month of memecoin trading, Worth over $1 million.
While the trader has been successful, as reported by CryptoGlobe, PEPE’s trading spree has failed to match rival memecoins Shiba Inu ($SHIB) and Dogecoin ($SHIB ), according to an analysis by popular cryptocurrency analytics firm Santiment. DOGE) are comparable.
When listing the meme-inspired cryptocurrency, leading exchange Binance warned potential investors that PEPE lacked any built-in utility or value-backing mechanism. PEPE has been accused of potential insider trading as 7% of the total token supply was reportedly bought by insiders or team members minutes after the token generation event.
Despite warnings about the potential ability of contract owners to modify transaction tax and blacklist functionality, the market for PEPE has seen a notable boom. After several listings on centralized exchanges, it has now become the top 100 Crypto assets.
Earlier, one lucky cryptocurrency investor appeared to have managed to turn a PEPE investment of 0.125 ETH into a staggering $1.14 million in just a few days by buying in at the right time.
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Source of information: Compiled from CRYPTOGLOBE by 0x Information.Copyright belongs to the author, without permission, may not be reproduced