Some investors placed big bets on the decentralized prediction market Polymarket.
Crypto Whales Cash In Big on Pro-Trump Bets
According to data shared by Lookonchain on Nov. 6, another big account, “Fredi9999,” earned over $15.6 million, and a third whale, “zxgngl,” pocketed more than $11 million.
Congratulations to @realDonaldTrump !
And congratulations to the whales who bet on #Trump !
“Theo4” makes a profit of $20.4M!
“Fredi9999” makes a profit of $15.6M!
“zxgngl” makes a profit of $11M! https://t.co/qZJOfUapGv pic.twitter.com/IDcENABNHD
— Lookonchain (@lookonchain) November 6, 2024
In October alone, 10 major whale accounts on Polymarket poured in $70.6 million worth of USD Coin (USDC), a popular stablecoin, to place bets on a Trump win. On Oct. 18th, Fredi9999’s account boosted Trump’s odds on the site by buying more than $20 million worth of “Yes” shares, which pushed Trump’s likelihood above 60%. Later in the month, on Oct. 28, Trump’s odds climbed to 66% when zxgngl put $7.22 million into his own “Yes” bets.
More About Polymarket
Polymarket, a decentralized betting platform, allows users to place bets on a range of future events, including politics. It’s popular among crypto fans who want to profit from their predictions. The platform promises high returns for correct bets, but it also warns users about the risks, as not all predictions work out.
PONER
These large bets
10 whales spent $70.6M betting on #Trump winning the US election on Polymarket in October. #DonaldTrump currently has a 66.7% chance of winning the US election on Polymarket. pic.twitter.com/uc5DEPXkc6
— Lookonchain (@lookonchain) October 29, 2024
gamble, with investors banking on Trump’s projected victory in 2024. Polymarket states that the winner of the market will be decided once the Associated Press, Fox, and NBC all announce the same candidate as the official winner. For now, these whales are sitting pretty, hoping to cash in big if Trump is declared the winner.
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