Polymarket, a blockchain-powered prediction market, has set a new record in August 2024 with a staggering trading volume of $472.87 million. This marks a significant 22.17% increase from July's volume of $387.03 million, making August the most active month in the platform's history since its inception.
The surge in activity is largely driven by the upcoming 2024 U.S. presidential election, as traders flock to the platform to place bets on various outcomes.
A significant portion of this growth is attributed to election-related bets, particularly the bet on the "Presidential Election Winner 2024." This bet alone has garnered substantial attention, with its value surpassing $775 million as of early September. On September 1, former President Donald Trump led Vice President Kamala Harris with 51% of the bets compared to her 48%, indicating a tight race as the election approaches.
Trump’s odds have fluctuated significantly throughout the year. In July, his chances peaked at 71%, but they later dropped to 44% in August after President Joe Biden announced he wouldn't seek re-election, giving Harris a boost.
However, recent weeks have seen a resurgence in Trump's odds, which have climbed back over 50%, positioning him as the current favorite among Polymarket bettors.
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