Polymarket Surpasses $100M Monthly Trading Volume as Predictions Heat Up for US Election
cryptonews.comDecentralized predictions platform Polymarket surpassed $100 million in monthly trading volume in June as anticipation builds around the outcome of the United States presidential election.
The “Presidential Election Winner 2024“ market alone currently holds a staggering $203.3 million worth of bets across 17 individual prediction markets.
At present, the favorite to win the election is former President Donald Trump, with a 62% chance, and a total of $24.7 million in bets for and against his victory.
Following closely behind is the current President, Joe Biden, with $23.9 million in bets on his potential second term.
However, Biden’s odds have dropped from 34% to 21% following his lackluster performance in the recent Presidential Debate on June 28.
Interestingly, the debate performance led to a surge in bets on markets such as “Biden drops out of presidential race” and “Biden drops out by July 4,” which currently stand at 43% and 9% respectively, with over $10 million in bets placed on these markets.
Additionally, there are also millions of dollars in bets related to whether figures like American rapper Kanye West and crypto skeptic Elizabeth Warren could win the presidency, although these markets currently show less than a 1% chance of success.
Polymarket, which operates on the Ethereum sidechain Polygon, achieved a remarkable trading volume of $109.9 million in June, its first time crossing the $100 million mark, according to data from a Dune Analytics dashboard.
This marks a significant increase from the trading volumes observed between January and May, which ranged from $38.9 million to $63 million, representing a staggering 620% growth compared to the preceding five months (August-December 2023).
Furthermore, the number of
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