Within the crypto space, an investor with the handle “walletmobile” has reportedly staked $9.25 million worth of USDC on Trump emerging as the 2024 U.S. presidential election winner. The large bet has been recorded by Lookonchain, a blockchain analysis company, and has drawn much attention due to the high risk.
Huge bets!
walletmobile has spent 9.95M $USDC in the last 10 hours betting on #Trump to win the #USelection.https://t.co/u5tvCBOryz pic.twitter.com/62Z8xI2Dwj
— Lookonchain (@lookonchain) November 5, 2024
Details of the Bet
From the Lookonchain data, “Walletmobile” sent $9.95 million USDC stablecoin to finance the result of the U.S. election. This large amount was split into several transactions, as Lookonchain noted, where most of the funds were channeled towards betting on Polymarket, a leading dApp for decentralized prediction markets. According to polymarket data, WalletMobile has participated in trading $16 million and holds a position worth more than $10 million on Trump’s potential victory.
Market Implications and Risk Management
Lookonchain also pointed to the investor’s risk-taking approach and wondered whether this whale would rebalance his position before Election Day. The account has now positioned itself very riskily on Polymarket, buying millions of shares on Trump’s side, with each share costing $0.62. Considering the volatility of the election-based prediction markets, walletmobile is an ideal reflection of risky cryptocurrency trading tied to actual events. This bet demonstrates that cryptocurrencies are used in speculative economies where people have no problem placing big bets on political events.
The bet keeps the suspense intact as the date for the U.S. elections approaches while enhancing loyalty towards the event as well as the potential financial gain or losses depending on the result of this huge bet.
