- Trump gains momentum in betting odds, surpassing Harris amid Musk’s endorsement.
- Trump-themed meme coins surge while Harris-themed coins decline.
As an analyst with over two decades of experience in political and market trends, I’ve seen my fair share of twists and turns. The recent developments in the 2024 presidential race have certainly caught my attention.
Amid the 2024 presidential race, I find myself intrigued by a noteworthy development: my research reveals that Republican contender Donald Trump has been making a comeback, outpacing Democratic rival Kamala Harris in the betting markets.
Trump tops all prediction markets
As per the recent data I’ve analyzed from Polymarket, it appears that Donald Trump is currently leading with approximately 53.35% of the projected votes. On the other hand, Kamala Harris follows closely behind with roughly 46.2% of the votes.
Moreover, the Election Betting Odds Compiler, collating information from five primary sources, suggests that Trump has a 50.6% chance of victory in November, representing an uptick of 1.5% compared to Harris’s 48.7% probability.
This marks a considerable shift from the previous week when Harris enjoyed a 3.5-point advantage over Trump.
The event’s scheduling aligns with Elon Musk, the wealthy entrepreneur, endorsing and attending a political rally for Donald Trump in that particular state, leading to conjecture about how Musk’s backing might affect Trump’s growing chances of success.
Elon Musk backs Trump
More recently, on October 8th, Musk expressed strong support for Donald Trump in a conversation with Tucker Carlson, publicly stating his unwavering loyalty towards the former president.
Musk said,
“My view is that if Trump doesn’t win this election, it’s the last election we’re going to have,”
He added,
“If [Trump] loses, I’m f**ked.”
The story so far
Initially, Trump enjoyed a solid lead in the polls, maintaining his advantage for several weeks.
After the initial presidential debate, it was Harris who gained the lead, capitalizing on what seemed like a stumble in Trump’s presentation.
Although Trump received significant support from well-known figures in the cryptocurrency world, such as the Winklevoss twins – Cameron and Tyler, who donated a total of one million dollars worth of Bitcoin [BTC] to his campaign – Harris has managed to secure her own strong backing.
Besides gaining backing from well-known personalities within the crypto world, Harris is also endorsed by figures like Mark Cuban – a famous entrepreneur featured on Shark Tank.
He said,
I don’t align myself with the Democratic Party; instead, I consider myself an independent. However, I am currently collaborating with the Kamala Harris campaign. To be clear, I simply believe she is a stronger candidate compared to others.
Gensler’s leadership under threat
If Trump wins the upcoming election, it might cause waves within the Securities and Exchange Commission (SEC), potentially affecting its policies and operations.
This action was prompted by the fact that during his inauguration, Trump publicly pledged to dismiss Gary Gensler, who currently serves as the chairman of the Securities and Exchange Commission (SEC), on his very first day in office.
Indeed, there’s chatter circulating that Trump might be planning to name Dan Gallagher, who currently serves as the Chief Legal Officer at Robinhood, as a potential replacement for Gensler.
Impact on the memecoin market
Meanwhile, the sentiment within the meme coin market has reacted strongly to these developments.
Over the last day, the meme coin associated with Kamala Harris, called KAMA, experienced a drop of 1.9%, contrastingly, the meme coin related to Donald Trump, named TREMP, saw an increase of 5.3%.
It’s worth mentioning that other cryptocurrencies associated with Donald Trump also saw significant increases. For instance, Super Trump (STRUMP) surged by 51.1%, Trump (TRUMP) went up by 29.05%, and Dark Maga (DMAGA) climbed 29.40%.
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2024-10-08 22:48