A Polymarket whale named Larpas dumped more over $3 million in pro-Trump presidential election wagers on Monday, according to on-chain data from Arkham Intelligence. Following GCR’s suggestion that he had manipulated Polymarket odds, these sales started right away.
On Polymarket and other platforms, betting on the US election has grown to be a billion-dollar industry, although the odds that are displayed may not be very accurate.
Pro-Trump bets on Polymarket
More than $3 million worth of presidential election wagers were sold by Polymarket whale “larpas,” according to recent data from blockchain analytics company Arkham Intelligence. To the degree that their wagers affected Polymarket’s stated odds of a Donald Trump victory, Larpas abandoned their wagers in favor of the president. Users won’t have much time to hedge their bets because the election in question is scheduled for today.
As soon as infamous cryptocurrency trader Giant-Cassocked Rebirth (GCR) spoke about election wagers on social media, sell-offs started. In particular, GCR proposed that he gained after spotting a categorical flaw in the markets’ capacity to accurately evaluate right-wing politicians. This supports earlier claims that GCR was a significant pro-Trump meme currency whale.
“In 2021, I had a conviction that prediction markets would have a right wing skew. Therefore, the expected pricing on the eventual Republican nominee would drift to 65. Therefore, it was max value to bid infinite Trump at below 10% implied odds, knowing it would move to 65+% if my bearish thesis was correct,” GCR stated.
GCR continued by saying that his forecasts came true and that he “took profit on [his] positions” after snagging “the meat of the move.” Additionally, he cautioned his readers against irresponsible gambling and the use of leverage in wagers.
Political polymarket wagers have surged to a billion-dollar market in anticipation of the 2024 presidential election, and there are no indications that this trend will abate. With just one week left in the election, Robinhood decided to provide election betting because of the alluring transaction volumes. Since the electorate is clearly leaning more in favor of cryptocurrency, it has been a major topic of discussion throughout this election cycle.
But the enormous enthusiasm around prediction markets hasn’t resulted in reliable odds. Donald Trump’s odds were allegedly routinely raised on the platform, according to data released last week.
According to reports, up to 30% of trades in Trump’s favor are fraudulent, and whale accounts might increase his chances. GCR may not be the only winner in the gaming prediction markets throughout the course of the following day.
Why Dogecoin may benefit most from a Donald Trump victory
Elon Musk’s D.O.G.E. plan, which highlights DOGE, is the reason why a Donald Trump victory might have the biggest positive impact on the price of Dogecoin.
On the eve of the US election, the price of Dogecoin (DOGE) has increased the most among the leading cryptocurrencies by market capitalization. This demonstrates how the leading meme currency, particularly with Elon Musk involved, may gain the most from a possible Donald Trump triumph.
Why Dogecoin could benefit the most if Donald Trump wins
According to cryptocurrency specialists, Dogecoin has a bullish outlook and is well-positioned to profit from Donald Trump’s probable victory in the US presidential election. Crypto trader and analyst Satoshi Flipper said in an X post that if Trump wins, the most popular meme coin would increase to $1.
Elon Musk and the US government (under the Trump administration) will publish incessantly about the Department of Government Efficiency (D.O.G.E.) for the next four years, he said. Every time the wealthiest man in the world mentioned Musk’s proposed D.O.G.E., as he did during a town hall in Pennsylvania last month, the price of Dogecoin (DOGE) surged.
Musk may be indirectly promoting the meme currency during this bull run by using the phrase “D.O.G.E.” Because he like memes and dogs, the wealthiest man in the world has never concealed his affection for the meme coin.
It’s interesting to note that Musk made a joke about mainstream media needing to cover D.O.G.E. in a recent meme. At the same time, he doesn’t say anything and doesn’t even need to promote the meme because the media will take care of it for him. Billy Markus, a co-founder of Dogecoin, responded to the article by stating that this is the reason he is most enthusiastic about a possible Trump win.
DOGE is the most “strategically positioned” crypto
Master Kenobi, a cryptocurrency expert, stated in an X post that he thinks Dogecoin is the most well-positioned cryptocurrency asset. He made reference to Elon Musk’s D.O.G.E. concept and hinted at how it may affect the meme coin. The analyst said the meme currency would be “super interesting and super funny,” and he said the department might indirectly influence it.
In the context of the U.S. elections, I believe #DOGE is the most strategically positioned cryptocurrency.
Market cap: $22.27B #8
👉 An intriguing proposal is the creation of a Department of Government Efficiency (D.O.G.E.), suggested by Elon Musk and endorsed by Donald Trump… pic.twitter.com/9KdPE2nX4d
— Master Kenobi (@btc_MasterPlan) November 3, 2024
Master Kenobi went on to say that he believes Elon Musk would take more risks with his Dogecoin shilling strategy in this bull market. According to the expert, Musk could slap a DOGE sticker on SpaceX and launch the meme coin all the way to the moon.
Ahead of the US election, cryptocurrency expert Kevin Capital disclosed that a bullish trend was developing on DOGE’s chart. Just before a possible Trump victory and the D.O.G.E. department’s introduction, the analyst pointed out that the meme coin’s daily and weekly golden crosses are still due.
Meanwhile, traders are placing large bets on the meme currency being one of, if not the largest, beneficiaries of a Donald Trump triumph, as seen by the bullish patterns developing for DOGE and the price surge preceding the US elections.
Trump’s chances of victory have increased shortly before tomorrow’s elections, according to the most recent Polymarket statistics. The odds of the former US president winning the presidency are 57.7%. Kamala Harris, meanwhile, has a 42.3% chance.
Hamster Kombat’s player base plummets 85% after 3 months
Recently, Hamster Kombat’s player base and level of interest have drastically decreased. At one point, there were up to 300 million users of the Telegram tap-to-earn game.
Additionally, during the past few months, other tap-to-earn ventures’ market capitalization and trade volume have drastically decreased.
Hamster Kombat loses 260M players in just 3 months
Hamster Kombat’s monthly active user count has dropped to 41 million as of November 2024, a decrease of 260 million from the game’s high of 300 million gamers in July. In reality, due to internal strife and a delayed airdrop, the player base had already dropped below 100 million by August.
Read more: WHAT IS HAMSTER KOMBAT?
Many consumers were also dissatisfied with the September airdrop strategy. Players have been consistently abandoning the game ever then. From its September peak of $0.0084 to $0.0023, the price of the HMSTR coin has similarly decreased by almost 70%.
Additionally, since September, the Hamster Kombat Announcement Telegram channel has seen a steady decline in subscribers. Every day, the channel loses between 150,000 and 200,000 members. In the last three months, the search trend for the term “Hamster Kombat” has likewise decreased, going from 100 points to 3 points.
“Lesson for all the memcoin fanatics: meteoric rise? Cool. But if your project can’t keep them hooked, get ready for a freefall,” Mario Nawfal’s Roundtable on X commented.
NFTs will be included as in-game items in Hamster Kombat’s second season, which is anticipated to debut this month. This announcement hasn’t, however, sparked renewed enthusiasm in the project.
Furthermore, tokens from other tap-to-earn games have experienced notable declines during the last seven days, with an average 20% loss.
With a daily trade volume of $268 million, the tap-to-earn industry presently has a market capitalization of over $1.1 billion, according to CoinMarketCap.
