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The upcoming U.S. presidential election has significantly impacted the economy, particularly in the realm of prediction markets.

Former President Donald Trump’s odds of winning the election have surged to nearly 67% on Polymarket, a leading blockchain-based betting platform.

This increase is largely attributed to a mysterious whale who has invested another $2 million in pro-Trump bets, bringing their total investment to $7.22 million.

According to Polymarket data, Trump’s odds surpassed 66.3% on Oct. 28. The whale, known as "zxgngl," holds over 11.2 million "Yes" shares worth more than $7.5 million.

This substantial investment has significantly influenced the market, with the whale’s bets being placed using USD Coin tokens.

Elon Musk has suggested that decentralized prediction markets like Polymarket could offer more accurate predictions than traditional polling systems.

The odds flipped in Trump’s favor on Oct. 4, marking a sharp reversal from September. The top Trump bettor on Polymarket, "Fredi9999," has also played a crucial role, investing over $20 million in "Yes" shares, which bolstered Trump’s odds above 60.2% by mid-October.

Fredi9999’s transaction patterns indicate control over four of the six largest Trump-voting accounts on Polymarket, all funded with substantial deposits from Kraken.

In contrast, zxgngl’s account was funded by Binance, with recent deposits worth $338,000 and $1.68 million.

The upcoming U.S. elections have spurred significant investor interest in prediction markets.

Betting volume on these markets rose over 565.4% in the third quarter, reaching $3.1 billion across the three largest markets, up from $463.3 million in the second quarter.

This growth is primarily attributed to the heightened interest in the U.S. elections, as reported by CoinGecko.

Polymarket, the most prominent decentralized betting platform, dominated the market with over a 99% market share as of September. The platform’s ability to reflect market participants' collective assessment of an outcome’s probability has made it a focal point for election-related betting.

As the election approaches, the influence of large-scale investors on prediction markets continues to grow, potentially offering insights into the likely outcome of the presidential race.

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