Polymarket Predicts Donald Trump Will Launch a Cryptocurrency Before the November Election

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

Former President Donald Trump's cryptocurrency venture is nearing its launch, and bettors are placing their bets on whether the token will hit the market before the November election.

According to prediction platform Polymarket, bets in favor of the token launch soared from 40% 24 hours earlier to 85% as of this writing.

The odds have been rising since Trump started promoting the decentralized finance (DeFi) venture, called World Liberty Financial, on social media.

The breakthrough 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%.

From then on, frequent updates by the project enticed users to increase their bets.

The latest explosion came on the heels of Trump finally announcing that the project would be launched next Monday on X Spaces.

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

Polymarket, built atop Ethereum's (CRYPTO: ETH) Layer-2 chain, Polygon (CRYPTO: MATIC), has emerged as one of the world’s top prediction markets for U.S. elections 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.

Meanwhile, Vice President Kamala Harris established a slender lead over Trump in odds of winning the election. Trump's probability has fallen significantly ever since Harris replaced incumbent President Joe Biden as the Democratic nominee.

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