Crypto market reacts as Trump tops Harris in predictions

• Trump gains momentum in betting odds, surpassing Harris amid Musk’s endorsement.
• Trump-themed meme coins surge while Harris-themed coins decline.

In a significant turn of events amidst the 2024 presidential race, Republican candidate Donald Trump is regaining momentum, surpassing Democratic counterpart Kamala Harris in betting odds.

Trump tops all prediction markets

According to the latest data from Polymarket, Trump now holds 53.35% of the projected votes, while Harris trails at 46.2%.

Source: Polymarket

Additionally, the Election Betting Odds tracker, which aggregates data from five leading markets, indicates Trump is positioned at a 50.6% likelihood of winning in November, marking a 1.5% increase over Harris’s 48.7%.

This marks a considerable shift from the previous week when Harris enjoyed a 3.5-point advantage over Trump. 

Source: Election Betting Odds

The timing coincides with billionaire Elon Musk’s endorsement and attendance at a Trump rally in the state, sparking speculation about the influence of Musk’s support on Trump’s rising odds.

Elon Musk backs Trump

Most recently, on 8th October, Musk intensified his endorsement of Trump during an interview with Tucker Carlson, declaring his full allegiance to 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.

However, following the first presidential debate, Harris managed to overtake him, leveraging a perceived slip in Trump’s performance.

Despite Trump’s notable backing from prominent figures in the crypto community, including the Winklevoss twins—Cameron and Tyler, who each contributed $1 million in Bitcoin [BTC] to his campaign—Harris has garnered her own influential support.

Harris has also received significant support from notable figures in the cryptocurrency sector, including Mark Cuban, the renowned investor in Shark Tank.

He said,

“I’m not a Democrat, I’m independent. I am just working with the Harris campaign that’s it. I just think she’s a better candidate.” 

Gensler’s leadership under threat

That being said, should Trump win the upcoming election, the implications could ripple throughout the Securities and Exchange Commission (SEC).

This is because Trump had made headlines with his bold promise to fire Gary Gensler, the current SEC chairman, on his first day in office.

In fact, there are already rumors suggesting that Trump would consider appointing Dan Gallagher, the Chief Legal Officer of Robinhood, as Gensler’s successor.

Impact on the memecoin market

Meanwhile, the sentiment within the meme coin market has reacted strongly to these developments.

Over the past 24 hours, Kamala Harris-themed meme coin, Kamala Horris [KAMA], saw a decline of 1.9%, while Trump-themed coin, Doland tremp [TREMP], surged by 5.3%.

Notably, other Trump-related meme coins also experienced exponential growth; Super Trump [STRUMP] skyrocketed by 51.1%, Maga [TRUMP] rose by 29.05%, and Dark Maga [DMAGA] gained 29.40%.