Amidst the 2024 presidential race, Republican nominee Donald Trump is witnessing a significant resurgence in predictions, overtaking Democratic rival Kamala Harris in various betting scenarios.
Trump Dominates Prediction Markets
Recent data from Polymarket reveals that Trump now commands 53.35% of the anticipated votes, while Harris lags behind at 46.2%.
Moreover, the Election Betting Odds tracker, which collates information from five major markets, points towards Trump’s chances at 50.6% for a November victory, showcasing a 1.5% rise compared to Harris’s 48.7%.
This shift contrasts sharply with the previous week when Harris held a 3.5-point lead over Trump.
This transformation aligns with billionaire Elon Musk’s endorsement and participation in a Trump rally, sparking discussions on how Musk’s backing is impacting Trump’s growing odds.
Elon Musk Throws Weight Behind Trump
During a recent interview with Tucker Carlson on 8th October, Musk deepened his support for Trump, pledging his full allegiance to the former president.
Musk asserted,
“My belief is that if Trump doesn’t secure this election, it might signify the end of our electoral process.”
He continued,
“If [Trump] fails, I’m in serious trouble.”
The Evolving Narrative
Initially, Trump held a comfortable lead in polls, maintaining his position for several weeks.
However, following the initial presidential debate, Harris managed to surpass him, capitalizing on a perceived decline in Trump’s performance.
Despite Trump’s considerable support from key players in the crypto arena, such as the Winklevoss twins—Cameron and Tyler, who individually donated $1 million in Bitcoin [BTC] to his campaign—Harris has cultivated her own influential endorsements.
Harris has also garnered substantial backing from prominent figures in the cryptocurrency domain, including Mark Cuban, the well-known Shark Tank investor.
Cuban stated,
“I don’t align with a particular party; I’m neutral. I am simply collaborating with the Harris campaign because I believe she presents a stronger candidacy.”
Gensler’s Leadership in Peril
If Trump emerges victorious in the upcoming election, the repercussions could reverberate across the Securities and Exchange Commission (SEC).
This speculation arises from Trump’s bold declaration to dismiss Gary Gensler, the current SEC chairman, on his first day in office.
Furthermore, there are murmurs suggesting that Trump might nominate Dan Gallagher, Robinhood’s Chief Legal Officer, as Gensler’s successor.
Impact on the Memecoin Sector
Simultaneously, the meme coin market has responded fervently to these unfolding events.
During the last 24 hours, the Kamala Harris-themed meme coin, Kamala Horris [KAMA], witnessed a decline of 1.9%, while the Trump-themed coin, Doland tremp [TREMP], surged by 5.3%.
Noteworthy is the exponential growth observed in other Trump-related meme coins; Super Trump [STRUMP] soared by 51.1%, Maga [TRUMP] increased by 29.05%, and Dark Maga [DMAGA] gained 29.40%.