The KENNEDY meme coin, a popular token among politically-themed crypto enthusiasts, nosedived nearly 22% on Tuesday, August 20, after remarks from Nicole Shanahan, Robert F. Kennedy Jr.’s running mate, stirred uncertainty around the campaign’s direction.
Shanahan hinted during a podcast interview with “Tom Bilyeu” that the Kennedy campaign may abandon its independent presidential bid to back former President Donald Trump. This potential shift caused the KENNEDY coin to tumble from $0.000176 to $0.0001384, according to DEXScreener data.
During the interview, Shanahan discussed the campaign’s two possible paths: either continuing as an independent or withdrawing to endorse Trump. She pointed out that staying in the race could fracture the vote, possibly benefiting a Kamala Harris and Tim Walz presidency. However, aligning with Trump might consolidate the vote but would need careful justification to Kennedy’s supporters.
This political uncertainty has rippled through the crypto market, affecting other politically-influenced coins as well. TrumpCoin experienced a slight 0.02% drop, while MAGA (TRUMP) declined by 3.26% and HARRIS coin plunged by over 18%.
Shanahan, previously a Democrat and contributor to the Biden Victory Fund before joining Kennedy’s campaign, emphasized the strategic importance of their next move as Kennedy’s polling numbers slide to 3%, compared to Trump’s stable 43%. The decision to potentially endorse Trump could reshape both the political arena and the crypto markets.
As the 2024 election nears, the volatility in KENNEDY coin and other political crypto assets underscores the unpredictable intersection of politics and digital currencies.
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