High Polymarket odds and Elon Musk's backing propel Trump-related meme coins to a rally
A jump in Donald Trump's Polymarket odds caused PolitiFi meme coins, which are named after him, to see increases of double digits.
Elon Musk's backing of Polymarket increased Trump's lead against Harris on the platform.
Within the last day, MAGA and SUPER TRUMP had a 30% surge.
On Monday, statistics from Polymarket showed that the Republican candidate Donald Trump now has an 8% advantage over the Democratic candidate Kamala Harris in the presidential election, with chances of 54% to 52%. Meme currencies centered on Trump followed suit and had rises in the double digits.
A spike in PolitiFi meme coins has been caused by Donald Trump's lead on Polymarket.
On Monday, the prediction marketplace Polymarket gave Republican candidate Donald Trump an 8% lead over Democratic contender Kamala Harris. Since Harris assumed the Democratic nomination, Trump's margin has never been larger than it is now, at 54% to 45.5%.
Elon Musk, CEO of Tesla and SpaceX and a billionaire, indirectly endorsed Polymarket in an X post on Monday, which led to Trump's recent lead. The odds on Polymarket, Musk said, are more reliable than those in election polls "as actual money is on the line."
In a recent interview with political analyst Tucker Carlson, the billionaire reportedly joked about the possibility of going to jail if Trump doesn't win the next elections.
The publication of fresh Pennsylvania polling data also helped Donald Trump's prospects; he now has a 56% to 44% advantage against Harris.
This change reflects a larger trend in the state's politics, suggesting that Trump's popularity is on the rise in the run-up to the election.
On Monday, Trump-themed PolitiFi meme coins surged more than 30% as a result of the spike in election chances.
MAGA and SUPER TRUMP both saw rises of 33% and 37%, suggesting that crypto investors are becoming more optimistic about the prospect of a Trump victory in the next elections.
