- Crypto prediction platform Polymarket shows even 49% odds for Vice President Kamala Harris and former President Donald Trump.
- Harris’ odds increased dramatically following President Joe Biden’s withdrawal from the race, while Trump’s odds declined, marking a significant shift.
- Legislators worry about political betting, though prediction markets respond more rapidly to shifting events.
- Trump-related meme coins declined in the wake of the news.
President Joe Biden’s withdrawal from the presidential race was sure to change the dynamic, but the situation changed far faster than anyone could have imagined.
Trump rode the popular crypto vote at the Bitcoin conference in Nashville, but Kamala Harris outraised him in July despite this. And with the Democratic party behind her, Harris is now gaining ground in the polls – and on political prediction markets like Polymarket.
Let’s unpack the news and see why Polymarket shows odds for Trump and Harris at 49%!
The Rapid Rise of Harris’ Odds & Trump’s Decline
Harris’ odds have surged from 30% to 49% since Biden’s exit. Her entry into the race sapped Trump’s momentum, especially given the assassination attempt on the former president.
Harris’s recent selection of Minnesota Governor Tim Walz as her running mate has also increased her odds of victory.
Kamala Harris is now tied with Trump. pic.twitter.com/04dQx3kWBl
— Polymarket (@Polymarket) August 7, 2024
Meanwhile, Trump’s odds have dropped from 72% to the current 49%.
Despite his popular support following the recent assassination attempt and his domination of key early debates against Biden, the former’s exit and Harris’ momentum have significantly reduced Trump’s winning odds.
Polymarket (known for its quick response to news events) shows a large volume of bets on the presidential race, with over $541M wagered on the race so far.
Since Polymarket is a decentralized prediction market, it often serves as a barometer for broader market sentiment. While different from traditional opinion polls, it can react to changing events and opinions more quickly.
Investors Dump Trump Meme Coins
In the wake of the shifting race, Trump-related meme coins took a hit. TrumpCoin $DJT plunged by 95%, while $MAGA dropped over 60% in the past month.
Taken together, the Polymarket odds indicate a highly competitive and dynamic race, with prediction markets providing real-time insights into the evolving political landscape.
References
- Kamala Harris, Donald Trump Tied On Polymarket (Coinbase)
- Kamala Harris Ties With Trump At 49% (TheBlock)
- MAGA Price (Coingecko)
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
Our Editorial Process
The Tech Report editorial policy is centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written by real authors.
