Ahead of the upcoming U.S. election, notable smart money (SM) investors and smart decentralized exchange traders (SDTs) have been heavily investing in the $TRUMP token.
Data reveals that both SM and SDTs have been steadily accumulating $TRUMP since October 19, with significant purchasing spikes on October 19 and 22.
During this period, SDTs led with $TRUMP purchases totaling 315,300 tokens, valued at around $1.3 million, while SM acquired 56,700 tokens, worth approximately $197,000.
đ$TRUMP â Actions of Smart Money (SM) and Smart Dex Traders (SDTs) before the election
Since October 19, both wallet groups have been accumulating $TRUMP.
Notably, on October 19 and 22, there was large buying volume of $TRUMP from SDTs, totaling 315.3K ($1.3M). At the same⊠https://t.co/6WcNBLuWQa pic.twitter.com/18hp4pjIDU
â iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) October 31, 2024
The increase in $TRUMP token accumulation coincides with a rise in the odds of Trump winning the election, now estimated at 67%â34% higher than his closest rival, Harris. This growing confidence is mirrored in the actions of high-stakes traders making sizable bets on a Trump victory.
The chance of #Trump winning the US election has risen to 67%, 34% higher than #Harris.
Whale"GCottrell93" withdrew another 1M $USDC from #OKX to bet on #Trump winning the US election.
GCottrell93 has spent $8.8M betting on #Trump winning the US election in the past 7 days.⊠pic.twitter.com/UJVP6k4o2o
â Lookonchain (@lookonchain) October 30, 2024
More Whales Make Strategic Moves Towards Investing More Into $TRUMP
One such whale, known as âGCottrell93,â recently withdrew another 1 million USDC from OKX to invest further in Trumpâs election odds. This trader has wagered an impressive $8.8 million on Trump winning over the past week alone.
Another prominent whale, âBetTom42,â has been equally active. Today, BetTom42 withdrew 2.4 million USDC from Kraken to continue betting on a Trump win. Over the past three days, this whale has spent a total of $3.4 million on similar bets.
Whale"BetTom42" withdrew another 2.4M $USDC from #Kraken today to bet on #Trump winning the US election.
This whale has spent 3.4M $USDC betting on #Trump winning the US election in the past 3 days.https://t.co/4ownXPfV2D pic.twitter.com/ECvK0V76hG
â Lookonchain (@lookonchain) October 31, 2024
These significant outflows from major exchanges underscore the scale of capital being directed towards the $TRUMP token and related election bets. With high-profile traders and large wallet groups accumulating $TRUMP, the tokenâs value and trading interest could see continued momentum as election day approaches. The activity of smart investors and whales reflects both a calculated investment strategy and growing confidence in the potential outcome of the election.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
The post Smart Money And Whale Traders Bet Big On $TRUMP As Election Nears appeared first on The Merkle News.