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Several new tokens with a U.S. election theme have seen a surge in popularity on decentralized exchanges, with some experiencing massive gains in a short period of time.
What Happened: One such token named after Florida Governor Ron DeSantis, called RON, has experienced a staggering 7178% rally on decentralized exchanges in the past 24 hours alone.
Another trending token is Robert F Kennedy Jr (RFK), which has surged by over 4000% within hours, according to DEXTools.
DeSantis formally announced his candidacy for the 2024 US presidential election by submitting his candidacy papers on Wednesday, with the initial declaration made on Twitter.
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Why It Matters: DeSantis articulated his belief that supporting Bitcoin (CRYPTO: BTC) is, in fact, a defense of civil liberties, expressing his support for the potential of digital assets and the freedom it brings to users. "The only reason these people in Washington don't like it is because they don't control it," he stated.
However, these new tokens carry a high level of risk and should be approached with caution, especially since they can be listed by anyone on a decentralized exchange such as Uniswap or PancakeSwap.
Read More: Bitcoin, Ethereum, Dogecoin Rise Amid Positive Economic Data, Analyst Predicts Record High For King Crypto
Posted In: $BTC