Election Odds Shift: Trump Gains Ground as Harris’ Popularity Declines

Election Odds Favor Trump as Harris’ Popularity Declines

Recent activity on Polymarket indicates a growing preference among election punters for the Republican candidate, Donald Trump, as the odds for Democrat Kamala Harris have dipped to 47%. This marks a significant drop from her previous standing of even odds earlier in the week.

The odds of Trump clinching victory in the upcoming November elections soared to an impressive 71% in July. However, they experienced a decline, hitting lows of 44% in August when incumbent President Joe Biden announced he would not seek re-election, leading to Harris being named as the Democratic candidate. Initially, her prospects looked promising as they surged to over 55% during the early to mid-August period, positioning her as the frontrunner.

Despite her early momentum, Harris’ appeal has waned in recent weeks, as evidenced by trader sentiment on Polymarket. Meanwhile, Trump’s odds have steadily increased, now surpassing the 50% mark once again, placing him in a favorable position after nearly two weeks of fluctuating between even odds.

To date, traders have placed an astounding $99 million in on-chain bets favoring Trump’s election chances, with over $95 million wagered on Harris. This trend highlights a shift in confidence among bettors regarding the potential outcome of the election.

Harris’ declining odds can be attributed in part to widespread backlash against her proposal to impose taxes on unrealized gains for individuals with net worth exceeding $100 million. In contrast, Trump’s odds have seen an upswing as he actively promotes an upcoming decentralized finance project that promises to offer “high yields” for cryptocurrency enthusiasts.