By Donald Trump will be the next US president, according to the New York Times, which has placed his odds at 90%. As a result, most Trump-themed tokens have gone parabolic as also his Polymarket odds jump.
NYT predicts Trump will win
Data by the New York Times, which has aggressively endorsed Kamala Harris, show that Donald Trump was inning. The paper estimated that he had a 91% chance of winning because of his advantage in Pennsylvania, Michigan, and Wisconsin.
To win the election, the paper estimates that Harris would need to win all the three states, which may be impossible in a closely-watched election. The New York Times estimates that Trump will win the electoral college by 301 seats compared to Harris’s 237.
The NYT is not the only major publication that predicts a Trump victory. Polymarket has a 95% chance of winning the election. Similarly, Trump has a 94% chance of winning in Kalshi, while PredictIt gives him a 90% chance of winning.
Trump Media and tokens surge
The ongoing release of results has led to a big surge among Trump-related assets. Shares of Trump Media and Technology (DJT) stock have surged by over 40% in Polymarket. If this trend holds, it means that the company will be valued at almost $10 billion when the market opens.
Trump meme coins have also soared. The Dark MAGA (DMAGA) token soared to $0.021, its highest level since August 12. It has jumped by over 200% from its lowest level this year.
MAGA (TRUMP), the biggest political token, jumped by 40% on Wednesday, bringing its market cap to $208 million.
MAGA Hat (MAGA) token jumped by 11%, while Doland Tremp and Fight to MAGA (FIGHT) jumped by double digits. These gains may continue for a while if Donald Trump is confirmed to win the general election.
Trump has vowed to be a more crypto-friendly president. For one, he has pledged to immediately fire Gary Gensler, the highly unpopular head of the Securities and Exchange Commission (SEC).
Trump has also suggested other policies that could push crypto prices higher. For example, he want to continue with the tax cuts, which will increase the country’s public debt, which is nearing the important point at $36 trillion.
He also wants to have a role in the Federal Reserve, which could lead to a weaker US dollar because of confidence issues.
Analysts believe that a Trump victory, coupled with the upcoming Santa Claus rally, could push Bitcoin to $100,000 in the near term. Such a move will push other tokens, especially those linked to Donald Trump significantly higher.
Still, there is a risk that these coins will retreat in the coming days as some traders start to sell the news.
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