Crypto gamblers are placing bets on Elon Musk’s removal from the Trump administration, as shown by data from Polymarket. The platform indicates only a 6% chance of Musk staying in his current role, with $1,029,604 in trading volume tied to this speculation.
Polymarket Bets on Trump Administration Appointments
According to Polymarket data, RFK Jr. is leading predictions with a 97% chance of joining the Trump administration, supported by $429,237 in trading volume. Vivek Ramaswamy follows with a 10% probability, reflecting $292,764 in bets. Donald Trump Jr. holds a 7% chance, while Ron Paul and Steve Bannon trail at 5% and 3%, respectively.
Dogecoin and Bitcoin Respond to Speculation
Musk’s political role has had a notable impact on the cryptocurrency market. Following Trump’s election, Dogecoin price surged by 25%, largely due to Musk’s influence. However, current doubts about his role in the administration have introduced volatility into the market.
At the same time, Bitcoin traders are linking Musk’s position to broader cryptocurrency trends. Forbes highlighted discussions about the U.S. possibly adopting Bitcoin as a reserve asset, which has driven speculation about Bitcoin’s future price movements.
Bitcoin has surpassed $101,851, according to a chart from TradingView. This comes after weeks of volatility, with the cryptocurrency climbing back from December lows. It is edging closer to $102,000, a key psychological level that has drawn attention in the market.
Cryptocurrencies That May Surge Under Musk’s Leadership
If Elon Musk assumes a leadership role in the so-called D.O.G.E. department, several cryptocurrencies might see notable changes. Bitcoin could benefit from Musk’s pro-crypto stance, with CoinCodex predicting a rise to $119,709 by February 2025.
Ethereum may also climb to $5,191 during the same period, partly tied to Donald Trump’s rumored ETH holdings. Meanwhile, Dogecoin, despite predictions of a drop to $0.36, could gain momentum fueled by hype and Musk’s continued support.
