Key Points
- Donald Trump surpasses Kamala Harris in betting odds for the 2024 presidential race.
- Trump’s surge coincides with Elon Musk’s endorsement, impacting meme coin market.
Donald Trump, the Republican candidate, is witnessing a resurgence in the lead up to the 2024 presidential race, overtaking his Democratic rival Kamala Harris in betting odds.
Trump Takes the Lead
Latest data from Polymarket shows Trump holding 53.35% of the projected votes, with Harris trailing at 46.2%. The Election Betting Odds tracker, which compiles data from five top markets, places Trump at a 50.6% likelihood of victory in November, a 1.5% increase over Harris’s 48.7%.
This shift comes at a time when billionaire Elon Musk has endorsed Trump and attended a Trump rally, leading to speculation about Musk’s influence on Trump’s rising odds.
Musk’s Endorsement
On 8th October, Musk reinforced his support for Trump in an interview with Tucker Carlson, expressing his complete loyalty to the former president. He stated that if Trump doesn’t win the election, it could be the last election.
Initially, Trump had a strong lead in the polls which he maintained for several weeks. However, after the first presidential debate, Harris managed to surpass him, capitalizing on a perceived decline in Trump’s performance.
Despite significant support from the crypto community, including a $1 million Bitcoin donation from the Winklevoss twins, Harris has also gained substantial backing.
Potential Impact on the SEC
If Trump wins the upcoming election, it could have significant implications for the Securities and Exchange Commission (SEC). Trump has previously stated that he would fire Gary Gensler, the current SEC chairman, on his first day in office. Rumors suggest that Trump might consider appointing Dan Gallagher, the Chief Legal Officer of Robinhood, as Gensler’s replacement.
Meme Coin Market Reacts
The meme coin market has responded to these developments. Kamala Harris-themed meme coin, Kamala Horris [KAMA], declined by 1.9%, while Trump-themed coin, Doland tremp [TREMP], surged by 5.3%. Other Trump-related meme coins also saw significant growth; Super Trump [STRUMP] soared by 51.1%, Maga [TRUMP] rose by 29.05%, and Dark Maga [DMAGA] gained 29.40%.