September 7, 2024
Kalshi Secures Major Victory for Political Betting Ahead of Congressional Elections
Kalshi has secured a significant victory by being allowed to offer a prediction market for Congressional election results, creating new opportunities for political betting in the U.S. Judge Jia M. Cobb ruled that the CFTC could not prohibit Kalshi from listing these contracts, overturning previous restrictions. While competitor Polymarket achieved a record trading volume of $470 million in August, Kalshi operates exclusively within U.S. legal parameters and trades in U.S. dollars.
The news about Kalshi could impact cryptocurrencies such as Meme , Shiba Inu and BAbyDoge, in the following specific ways:
Shiba Inu (SHIB)
Market Sentiment: News about Kalshi being allowed to provide prediction markets for election outcomes could generate more excitement within the investment community. Investors may seek new opportunities, leading to an increase in SHIB's price.
Increased Attention: The focus on political betting may heighten interest in meme coins, as they are often linked to significant events and can attract new investors.
Baby Doge (BabyDoge)
New Opportunities: Like Shiba Inu, Baby Doge may benefit from the increased attention to the cryptocurrency and political betting space. This attention could enhance the value of Baby Doge.
Creative Potential: Developers may consider creating new products or services related to elections, thereby expanding the application of Baby Doge.
Impact on Meme Coins
Increased Interest in Political Betting: Kalshi's approval could stimulate public interest in political betting, creating opportunities for meme coins related to politics or elections.
Competition with Other Platforms: Kalshi might draw in new users, putting pressure on other platforms like Polymarket. Meme coins linked to either Polymarket or Kalshi could benefit from this increased interest.
