CandleFocus Fortune Claims Polymarket Is 'Rife' With Wash Trading
2024-10-30
Author: Content Editor
Prediction market Polymarket is allegedly engaging in wash trading, a type of market manipulation that involves the same person acting as both buyer and seller on a trade. Research from blockchain analytics firms Chaos Labs and Inca Digital suggests that a significant portion of trading volume on Polymarket may be attributed to wash trading. The article suggests that these wash trades may be motivated by the desire to become eligible for token giveaways, rather than political manipulation. Polymarket currently does not charge trading fees, which may facilitate repeated buying and selling. However, market expert Flip Pidot questioned the article's claims and argued that Polymarket's volume calculation method is common in prediction and futures markets. The article also differentiates this alleged wash trading from an earlier narrative involving a trader attempting to increase Donald Trump's odds of winning the presidency.
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