- All-time high at Polymarket exceeds $2 billion
- Despite the growth, POL recorded a 10% decline in 7 days
Blockchain-based betting site Polymarket has seen a rapid increase in user activity and transactions over the past few months. In fact, Polymarket's all-time high trading volume is now over $2 billion, according to Dune Analytics, and this growth is driven primarily by speculation over the winner of the U.S. presidential election.
The Polygon-based betting platform's trading volume reached $486 million in September alone. This number is likely to increase significantly this month, given that month-to-date trading volume has already exceeded $161 million.
(Source: Dune Analytics)
data from artemis It also revealed that on October 3, the number of new daily active wallets on Polymarket reached a two-week high. This suggests that more users continue to join the platform.
On that day, the number of daily transactions on the platform soared to an all-time high of 93,000.
(Source: Dune Analytics)
So what is driving the growth of this blockchain-based betting site?
US election betting
The US presidential election has increased interest in polymarkets. More than $1.19 billion has been bet on “2024 Presidential Election Winner” at Polymarket.
At the time of writing, former US President Donald Trump had a narrow lead of 49.9%, while Kamala Harris had a narrow lead of 49.1% in her favor.
(Source: Polymarket)
This bet ends on November 4, the day before the US presidential election. While election betting is currently driving interest in Polymarket, the platform is also rapidly gaining interest in other prediction markets.
Satoshi's bet gains momentum
Polymarket has recently seen an uptick in interest following speculation about its true identity. Bitcoin (BTC) The creator, Satoshi Nakamoto.
As reported by AMBCrypto, documentary The HBO program, which will air on October 8th, claims to have identified Nakamoto. As a result, the “Who will the HBO doc identify as Satoshi?” bet on Polymarket has already attracted $814,000 in bets after just two days of launch.
(Source: Polymarket)
At the time of writing, 49.5% of bets predicted that computer scientist Len Sassaman, who died in 2011, would turn out to be Satoshi. This speculation is driven by Mr. Sassaman's background as a member of the International Financial Cryptography Association.
Is Polymarket's growth good for POL?
Polymarket runs on the Polygon Layer 2 network. While the popularity of this betting site has led to increased usage of the network, the same has not been seen with the native token POL, previously known as MATIC.
POL was trading at $0.384 at press time after rising 1.92% in 24 hours. The stock has fallen more than 10% in just 7 days.
On the hourly chart, POL appeared to be trading within an ascending expanding wedge pattern. This is typically a bearish continuation pattern and suggests that sellers may take control of price action.
(Source: Tradingview)
However, the bearish momentum showed signs of weakening as the Relative Strength Index (RSI) line converged with the signal line from below. If the RSI confirms a strong move above the signal line, the bearish theory will be invalidated.
The Moving Average Convergence Divergence (MACD) line also highlights a similar outlook after converging with the signal line. However, to confirm the bullish thesis, the MACD histogram bar should turn green.
If the bears take control, POL is likely to plummet to a level that tests the support at $0.37. However, buying activity could push POL above the $0.38 resistance level and extend the upside.
POL's struggles have led to speculation that Polymarket may launch its own token. According to informationThis token is used to operate the betting site.
