YEREVAN (CoinChapter.com) —  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. Source: Polymarket 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.

Dogecoin Price Chart January 2025. Source: TradingView

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.

Bitcoin Price Prediction Chart February 2025. Source: CoinCodex

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.

 

The post Crypto Gamblers Betting on Elon Musk’s Removal From Trump Administration appeared first on Coinchapter.