Trump Coin Launch Odds Skyrocket on Polymarket After Former President Announces Project Debut Date

Bets in favor of the token launch ballooned from 40% 24 hours earlier to 85% as of this writing.

The odds of Donald Trump launching a cryptocurrency project before the November election have skyrocketed on prediction platform Polymarket following the former president's announcement of the launch date for his upcoming venture.

As of this writing, bets in favor of the token launch stand at 85%, up from 40% 24 hours earlier. The odds have been steadily increasing since Trump began teasing the decentralized finance (DeFi) venture, dubbed World Liberty Financial, on social media.

The key moment came on Aug. 29, when the presidential hopeful teased a plan to make the U.S. "the crypto capital of the planet," causing the probability to spike from 17% to 24%.

Frequent updates by the project since then have prompted users to up their bets.

The latest surge follows Trump's final announcement that the project will launch next Monday on X Spaces.

About $1.7 million has been wagered by bettors on the occurrence of this event.

Polymarket, built on Ethereum's Layer-2 chain Polygon, has become one of the world's largest prediction markets for the U.S. election in recent months.

The platform allows users to bet on major global events using cryptocurrencies, opening up a new business avenue for the asset class.

In the presidential race, Vice President Kamala Harris has opened up a narrow lead over Trump in odds of winning the election. Trump's probability has fallen notably since Harris replaced incumbent President Joe Biden as the Democratic nominee.

Image via Shutterstock

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