- Trump gains momentum in the betting odds, surpassing Harris amid Musk’s support.
- Trump-themed meme coins are rising, while Harris-themed coins are falling.
In a major turn of events in the 2024 presidential race, Republican candidate Donald Trump is regaining his momentum and surpassing Democratic counterpart Kamala Harris in betting odds.
Trump tops all prediction markets
According to the latest data from Polymarket, Trump now has 53.35% of the expected votes, while Harris trails at 46.2%.
Source: Polymarkt
Moreover, the Election betting trackerwhich aggregates data from five leading markets shows Trump has a 50.6% chance of winning in November, up 1.5% from Harris’ 48.7%.
This marks a significant shift from the previous week, when Harris had a 3.5-point lead over Trump.
Source: Election Betting Odds
The timing coincides with billionaire Elon Musk’s endorsement and attendance at a Trump rally in the state, prompting speculation about the impact of Musk’s support on Trump’s rising chances.
Elon Musk supports Trump
Most recently, on October 8, Musk stepped up his support for Trump during a interview with Tucker Carlson, expressing his full loyalty to the former president.
Musk said:
“My view is that if Trump doesn’t win this election, this is the last election we’ll have.”
He added:
“Like [Trump] lose, I’m damned.”
The story so far
Initially, Trump enjoyed a solid lead in the polls and maintained his lead for several weeks.
However, after the first presidential debate, Harris managed to overtake him, taking advantage of a perceived slip in Trump’s performance.
Despite Trump’s notable support from prominent figures in the crypto community, including the Winklevoss twins – Cameron and Tyler, who each contributed $1 million to Bitcoin [BTC] to his campaign – Harris has received her own influential support.
Harris has also received significant support from notable figures in the cryptocurrency sector, including Mark Cuban, the renowned investor on Shark Tank.
He said,
“I’m not a democrat, I’m independent. I’m just working with the Harris campaign, that’s all. I just think she’s a better candidate.”
Gensler’s leadership is under threat
That said, if Trump were to win the upcoming election, the fallout could ripple through the entire Securities and Exchange Commission (SEC).
This is because Trump made headlines with his bold promise to fire Gary Gensler, the current chairman of the SEC, on his first day on the job.
There are even rumors that Trump is considering appointing Dan Gallagher, Robinhood’s Chief Legal Officer, as Gensler’s successor.
Impact on the memecoin market
Meanwhile, sentiment within the meme coin market has responded strongly to these developments.
In the last 24 hours, the Kamala Harris themed meme coin Kamala Horris [KAMA]saw a decline of 1.9%, while the Trump-themed coin, Doland mourns [TREMP]rose by 5.3%.
Notably, other Trump-related meme coins also saw exponential growth; Super Trump [STRUMP] skyrocketed by 51.1%, Maga [TRUMP] increased by 29.05%, and Dark maga [DMAGA] won 29.40%.