Polymarket, a leading prediction market, currently favours Kamala Harris over Donald Trump – signaling a significant turn around from earlier forecasts.

Source: Polymarket

Source: Polymarket

Initially, Trump held a commanding lead in the race, particularly after a poorly received debate performance by President Joe Biden. However, with Biden stepping aside and Harris stepping up as the Democratic candidate, the odds have shifted dramatically. Trump’s chances of reclaiming the presidency have dropped by 13 percentage points over the past month, while Harris has seen a surge of 34 percentage points, bolstered first by her emergence as Biden’s likely successor and then as a formidable competitor to Trump.

This change in fortune aligns closely with recent polling data. A CBS News poll conducted between July 30 and August 2 suggests a statistical tie between Harris and Trump, with only a 1 percentage point difference within a margin of error of 2.1 percentage points. Similarly, the polling aggregator 538 describes the race as a statistical tie, with recent trends slightly favoring Harris.

The battle for control is also evident in key swing states, with each candidate leading in three crucial states: Trump in Arizona, Georgia, and Nevada, and Harris in Pennsylvania, Wisconsin, and Michigan. Despite these evenly matched statistics, broader prediction markets like Predictit.org and Covers.com show varying degrees of confidence in both candidates.

Complicating the political scene, Trump-themed memecoins have experienced a significant downturn over the last month. MAGA, the pioneering Trump token, has declined nearly 38%, while Solana-based Tremp has seen a 40% drop, according to the Brave New Coin market cap table. These declines exceed the shifts observed in polling and prediction markets, indicating a broader sentiment shift among investors and bettors.

As the presidential race heats up, Polymarket has also seen a spike in activity. In July, the platform reached a cumulative bet volume of $1.03 billion, a sharp increase from June’s $672.94 million and a significant leap from the previous year’s $283.16 million. This surge in betting volume coincides with major news events, including Harris’s anticipated nomination and an assassination attempt on Trump earlier in the month, highlighting the intense public interest and speculation surrounding this election cycle.

Elon Musk and Donald Trump are gearing up for a highly anticipated discussion on X’s digital platform tonight, U.S. time.

With cryptocurrency policies identified as a vote-getter for both parties, there’s a significant buzz around the possibility of Trump mentioning crypto during the broadcast. Bettors estimate a 60% chance he’ll bring it up, particularly in light of his recent appearance at the BTC 2024 conference, which drew massive crowds and enthusiastic applause.

However, for Trump’s mention to count in the betting markets, he must use the term “crypto” specifically—not “bitcoin,” not “Ethereum,” but the general term. The rules clarify that any form of the word, including plural or possessive variations, will be acknowledged. Even compound terms that incorporate “crypto” in reference to decentralized currencies are included.

The betting odds also favor mentions of “MAGA,” “censor” or “censorship,” “Tesla,” and “illegal immigrant” during the conversation.

Additionally, Trump appears to have resumed activity on X after almost a year without posting. His last entry before this break was on August 24, 2023, and notably featured his mugshot.

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