Polymarket sees huge growth as crypto traders bet millions on Trump winning the upcoming Presidential election in November.
Donald Trump, the former President of the United States who is campaigning for a return to the White House in the upcoming November 5 election, has drawn significant support from the crypto community. According to data from Polymarket, a blockchain prediction market, a mysterious crypto whale known as “zxgngl”, has yet again added $2 million worth of the USD Coin USDC $1.00 24h volatility: 0.0% Market cap: $60.26 B Vol. 24h: $4.11 B in Pro-Trump bets, increasing his odds to approximately 67%.
Rising Support for Trump on Polymarket
The mysterious investor has backed Trump since he announced his candidacy against Democratic incumbent Joe Biden, who stepped down in favor of Vice President Kamala Harris after a contentious debate in June.
Earlier today, blockchain intelligence firm Lookonchain reported that “zxgngl” has invested $7.22 million in USDC into “Yes” shares on Trump’s potential win since October 11, 2024, holding an unrealized profit of approximately $256,000.
The whale is one of the top three holders of the “Yes” votes holding about 11.2 million of the shares, according to data from Polymarket.
The surge in Trump’s odds follows a separate $20 million investment from another crypto whale, simply known by the pseudonym “Fredi9999” who pushed Trump’s odds to the 60.2% levels on October 18.
Fredi9999’s $20 million investment paved the way for “zxgngl” to drive the odds further, reaching the current 67%.
Dominating the Odds
While both whales have been showing significant support to Trump’s presidential ambition, Polymarket data suggests that the whale behind the account controls four of the six largest Trump-voting wallets on the prediction marketplace.
The four accounts, Fredi9999, Theo4, PrincessCaro, and Michie – were reportedly funded through the crypto exchange Kraken with deposits ranging from $1 million or $500,000. Together, the accounts have placed a total of $45 million in bets on Trump winning the upcoming November election.
Recently, Polymarket disclosed that the person behind this high-stakes operation is a “French national with significant trading experience and a background in financial services”.
Election Anticipation Fuels Prediction Market Surge
Meanwhile, investor interest in prediction markets has surged ahead of the upcoming US elections. Betting volumes across the three largest prediction markets soared by 565.4% in the third quarter of this year, reaching $3.1 billion, a significant rise from $463.3 million in the previous quarter.
According to an October 14 report from CoinGecko, this substantial growth is largely driven by election-related activity. Polymarket, the leading decentralized betting platform, has taken a commanding position with over a 99% market share as of September.
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