How the Presidential Debate Shook Up Polymarket Bets
- Crypto predictions for the upcoming U.S. elections have undergone notable shifts.
- The recent presidential debate has influenced the positions of both Kamala Harris and Donald Trump.
- Trump-themed tokens experienced sharp movements in the market.
The chatter surrounding the upcoming United States presidential elections is heating up, and the crypto industry has become actively involved in the discussion. With Donald Trump and Kamala Harris neck and neck, predictions about the next president are abuzz in the crypto community.
While early predictions this week seemed to favor former President Trump, recent developments have sparked a shift.
Harris and Trump’s Odds in Tight Race Post-Debate
The early hours of Wednesday, September 11, 2024, started dramatically on the decentralized betting platform Polymarket. The ongoing 2024 election forecast between Donald Trump and Kamala Harris recorded a sharp twist following the recently held presidential debate.
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Trump, who had enjoyed a strong 52% chance of winning just days before, saw his odds dip to 49%, losing about 3% quickly. The decline was driven by a surge in Vice President Harris’s numbers, which rose from 47% to 50%, briefly surpassing Trump.
Harris’ lead, however, was short-lived. The odds soon evened out at 49% for both candidates before Trump regained a slight edge with a 50% to 49% ratio.
While the former president currently holds a marginal lead, his odds still reflect a decline compared to Harris’s surge. Meanwhile, prediction platforms are not the only ones affected by the negative shift.
Trump-Themed Tokens Flash Crash
The aftermath of the Trump-Harris debate triggered a flash crash in several memecoins themed around Trump.
Despite having no direct ties to the former president, many of these tokens tumbled following reports of his underperformance in the debate. The MAGA (TRUMP) token took a 17% hit, dipping from its $3.6 value to a three-day low of approximately $2.8.
Fellow memecoin Super Trump (STRUMP) saw an even steeper decline , crashing 24% from its trading range of $0.007 to $ 0.005 within a brief period.
Other tokens styled after the former president, such as Donald Trump (TREMP) MAGA Hat (MAGA), also recorded similar losses, retreating 30% and 22%, respectively.
On the Flipside
- Crypto was not directly mentioned by either party during the debate.
- Kamala Horris (KAMA), the memecoin themed after the Vice President, is also down 10% at press time.
- Ripple co-founder Chris Larsen recently endorsed Kamala Harris.
Why This Matters
The response to the Harris-Trump presidential debate highlights the vulnerability of market trends to the ongoing election chatter, especially as the crypto industry remains deeply invested in the potential outcome of the political race.
To find out more about the growing support for the Vice President, read this article:
Kamala Harris Gains Coinbase Support as Polymarket Shows Trump Lead
Two years later, the bell of justice is still tolling on the FTX crash. Read more:
SBF’s Ex-Flame Caroline Ellison Faces Jail as Sentencing Looms
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