Originally published on: November 06, 2024
In a surprising turn of events, crypto whales betting on Donald Trump’s victory have struck gold on Polymarket, the leading decentralized prediction market. One particular whale, known as “Theo4,” managed to pocket an astonishing profit of over $20.4 million on his pro-Trump bets, as reported by Lookonchain on Nov. 6.
But Theo4 wasn’t the only one cashing in on Trump’s potential win. Another mysterious whale, going by the name “Fredi9999,” walked away with a handsome profit of more than $15.6 million, while a third whale, “zxgngl,” netted over $11 million in earnings, according to Lookonchain’s latest post.
During the month of October, a total of 10 whale addresses collectively spent a whopping $70.6 million in USD Coin to place bets on Trump clinching the 2024 US election victory. This surge in bets led to a surge in Trump’s odds on the platform, with Theo4 and Fredi9999 playing significant roles in driving up the numbers.
Fredi9999, in particular, bolstered Trump’s odds above 60.2% by investing over $20 million in “Yes” shares on Oct. 18, as reported by Cointelegraph. Following suit, zxgngl’s $7.22 million investment in “Yes” shares saw Trump’s odds soar to 66% by Oct. 28.
With the Associated Press declaring Trump as the winner of the 2024 presidential election on Nov. 6, the profitable payday for the Polymarket whales seems imminent. The market resolution is set to occur once the Associated Press, Fox, and NBC all call the election for the same candidate, as outlined in Polymarket’s disclaimer.
Looking ahead, these whales could be in for a massive payday, exceeding $81 million, as over 50% of Donald Trump’s “Yes” votes on Polymarket are controlled by just five mysterious whales. This stands in stark contrast to Vice President Kamala Harris’s more evenly distributed shares, with the top five shareholders holding only 18% of her “Yes” votes.
As the dust settles and the markets digest Trump’s victory, it’s evident that decentralized prediction markets like Polymarket could hold the key to more accurate predictions than traditional polling systems, as savvy investors vote with their savings, echoing sentiments shared by billionaire Elon Musk.
For a deeper dive into Trump’s election victory and the crypto market’s reaction, don’t miss today’s episode of the Rise’n’Crypto podcast from Cointelegraph. Stay tuned for more updates on this developing story.
