Polymarket sees surge in daily volume and users amid token launch speculation News ▸ US ▸ Polymarket ▸ Crypto
Polymarket sees surge in daily volume and users amid token launch speculation
After a four-day slump, Polymarket's trading daily volume spiked led by U.S. elections-related activity.
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Updated: Nov. 13, 2024 at 11:18 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Polygon-based prediction market Polymarket’s daily trading volume surged 57.5% on Sept. 23, according to data from Dune Analytics’ dashboard created by user rchen8.
The spike in volume comes amid rumors that Polymarket may launch its own token following a $50 million funding round.
Polymarket registered 12,468 active daily users on Sept. 23, just 182 short of breaking its all-time high. This number is also higher than the daily average of 11,344 users registered during the past week.
The turnaround in volume and users comes after days of subdued interest in the platform, which led to a significant drop in daily trading volume compared to the average.
Elections still dominate the activity
On the monthly timeframe, Polymarket’s user count is already at an all-time high, reaching 67,130 active traders and surpassing August’s numbers by 5.5%.
However, the monthly volume has yet to reach last month’s nearly $473 million, currently sitting at $411.4 million one week before September’s closing.
Notably, the activity registered yesterday was mostly related to the U.S. presidential elections, with 85.1% of the volume and 72.5% of the users related to the topic.
This is usually the case for weekly trading volumes, with just 3 out of 39 weeks registering more capital placed in bets that weren’t the election outcome. More variation is registered on the users’ side, with 17 out of 39 weeks having more activity on different topics.
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Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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Polymarket
Polymarket is a decentralized prediction market platform that enables users to bet on world events using cryptocurrency.