Crypto Whale Bets Big on Trump’s 2024 US Election Win

The crypto community’s confidence in Trump’s win is increasing day by day as the election gets closer. The most recent example is a cryptocurrency “whale” who made a substantial wager on former President Donald Trump winning the 2024 U.S.

According to blockchain data monitoring platform Lookonchain, the whale withdrew another $2.03 million in USDC from Binance within the past 4 hours to invest in Trump’s victory on Polymarket, a prediction market platform. This brings the whale’s total investment in Trump’s campaign outcome to over $7.22 million, with unrealized gains reaching $256,000.

Source: X

Since October 11, this whale has aggressively accumulated “Yes” tokens on Polymarket, signaling high expectations for a Trump victory. In total, the investor has allocated 7.22 million USDC towards Trump’s prospects, buying up 11.28 million “Yes” tokens, which reflect confidence in Trump’s potential to reclaim the White House. The aggressive purchases have yielded an unrealized profit of approximately $256,000, showing a calculated but high-stakes gamble on Trump’s election outcome.

This investment coincides with an increased market sentiment on Polymarket, where Trump currently holds a 66.3% implied probability of winning the election. The prediction market’s activity suggests that investor sentiment is leaning towards Trump’s chances, although it remains uncertain how much of this confidence is fueled by political conviction versus financial speculation.

The data provided by Lookonchain shows a growing trend where cryptocurrency enthusiasts and large-scale investors are using decentralized platforms to participate in prediction markets related to real-world events, ranging from political outcomes to sports and economic trends.

As the 2024 election draws nearer, this whale’s massive investment on Polymarket shows the increasing role of cryptocurrency in political speculation. With Trump currently leading in the prediction market with over 66% chances of winning.