PolitiFi Tokens Surge 14% As Donald Trump Widens Lead Over Kamala Harris On Polymarket

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Insidebitcoin2024/10/11 10:57

By:Insidebitcoin

Political meme coins surged over 14% in the last 24 hours after Donald Trump extended his lead over Kamala Harris by more than 2 percentage points on Polymarket.

As the odds of Trump winning November’s presidential election rise, Trump-themed tokens, including MAGA SHIBA (MAGASHIB) and MAGA DOGE (MAGADOGE), have soared, with MAGASHIB leading the surge in political meme coins with a 207% pump.

MAGA Pepe (MAPE) and MAGA DOGE (MAGADOGE) surged 72% and 67%, respectively.

Donald Trump-Themed Tokens Surge As Election Odds Rise On Kalshi And PredictIt

Trump’s odds of becoming president stood at 56.2% as of 3:40 a.m. EST, while bettors see a 43.3% chance of Harris taking the White House.

In addition to the rising odds on Polymarket, Trump’s lead on other betting platforms increased as well. Kalshi , the prediction market that just recently won permission to list contracts based on US elections, shows that Trump has a 4% lead over Harris, with his odds standing at 52%.

PredictIt shows a smaller lead, with 53% of the bets in favor of Trump and 52% for Harris.

The former President’s growing lead had a positive impact on the prices of Trump-themed tokens. Larger-cap meme coins linked to the former president also printed gains with MAGA (TRUMP) surging 9% and MAGA Hat (MAGA) and Doland Tremp (TREMP) both soaring more than 18%.

Political Meme Coins Buck Broader Market Trend As Investor Fear Persists

The surge in political meme coins comes amid a broader market downturn. Crypto leader Bitcoin saw its price drop below $59K in the last 24 hours, but has since recovered to trade above the psychological $60K mark. Despite this, the collective crypto market cap is still down more than 1%.

Investor sentiment in the market is still fearful as well. The Crypto Fear and Greed Index shows that the index took a 7-point knock in the last 24 hours, bringing it down to 32. This signals “Fear” in the market, according to the sentiment tracker.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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