Originally published on: October 28, 2024
Former President Donald Trump’s chances of winning the upcoming presidential election are looking strong, with his odds nearing 67% on the decentralized predictions market, Polymarket. A mysterious whale, known as “zxgngl,” recently placed a $2 million bet on Trump, bringing their total investment to over $7.22 million in favor of the former president.
This surge in pro-Trump bets has helped tilt the odds in his favor, with leading bettor “Fredi9999” also showing confidence in Trump’s victory by investing over $20 million in “Yes” shares. Both whales seem to have deep convictions about Trump reclaiming the presidency in 2024.
As the election draws near, decentralized prediction markets like Polymarket are gaining popularity for their accuracy in forecasting political outcomes. Billionaire Elon Musk has even endorsed these markets as more reliable than traditional polling systems.
With just seven days left until the election, the stakes are high, and investor interest in prediction markets is soaring. In the third quarter alone, the betting volume on these platforms increased by over 565.4%, reaching $3.1 billion across the top three markets.
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