Polymarket Users Increase U.S Election Bets as Results Near

Odds have changed, and the probability is that Donald Trump could return to office when results are announced. The ongoing US Presidential elections have already been coined as a neck-to-neck contest between Trump and Kamala Harris. Bets on either of them can turn out favorably or unfavorably.

One whale wallet has, however, set aside a larger portion of their USDC for Donald Trump. It is estimated that the wallet has allotted approximately 4.94 million USDC to the Republican clinching this crucial victory. They have used 2.84 million tokens to place a bet and are still left with 2.1 million in their wallet.

The Election Saga

Odds per Polymarket showcase that Donald Trump and Kamala Harris have a gap of more than 20 pp, with Donald leading the race with 62% odds in his favor. Kamala is left with 38%. This surpasses the margin of error pretty conveniently to heavily put the former US President as a favorite candidate.

Needless to say, the community has come forward with its own theory, with some members saying that it could be Trump betting on himself with that wallet. Others are saying that Trump certainly has the support of all crypto enthusiasts who are on X. This could be under the influence of posts that Elon Musk actively publishes in support of Trump.

Allocation of the said USDC amounts to Donald Trump winning the election coupled with odds favoring him to win the next election, triggering a sense of reconsideration to look at the possibility of the extent to which one wants to gamble. That hints at the allocation of stakes against Trump versus the allocation of stakes to something that is more likely to happen.

The election contest between Donald Trump and Kamala Harris is rooted in several aspects in the US including the crypto segment. Trump is often hailed as a huge supporter of the market, while Harris is yet to make any development. She did attempt to gain some support but could not match Trump’s enthusiasm.

The crypto community supports Donald Trump for being more vocal plus supportive about it. He is also backed by Elon Musk, who can’t wait for digital tokens to gain momentum in the mainstream segment.

That said, most of the movements for crypto prices are within the specified range except for meme cons which have made significant gains. Dogecoin, for one, is up by more than 11% right now, exchanging hands at $0.1679.

BTC is struggling to breach the market of $70,000, which would potentially pave the way for the milestone of $80,000 by the end of November and $100,000 by the end of this year, that is, 2024.

A surge is expected to happen after November 05, 2024, when more light is shed on the possibility of candidates winning or losing the election. Despite a large portion of bets siding with Donald Trump, Harris can still make significant strides to deliver upsets – thereby becoming the first US woman president.

Also Read: Meme Coin Market Jumps 22% in Volume: Top Tokens to Watch