The likelihood that Vice President Kamala Harris will become the Democratic nominee in the presidential election has quadrupled, according to cryptocurrency forecasting platform Polymarket.

"Yes" shares in the contract asking whether it would receive the nomination were trading at 31 cents, indicating a 31% chance of that happening, up from 7% earlier in the day.

The Polymarket platform is banned from use in the US, unlike PredictIt, which operates in the country under a regulatory exemption.

Meanwhile, KAMA, a meme coin named after the vice president, soared on Tuesday, doubling in price in 24 hours to $0.007815.