CandleFocus Trump’s meme tokens bleed as Polymarket faces wash trading allegations
2024-10-31
Author: Content Editor
Polymarket, an online prediction marketplace, has gained popularity during the United States elections, with users placing bets worth over $2.7 billion on whether Trump or Kamala will win the November presidential elections. However, recent research by cryptocurrency research firms Inca Digital and Chaos Labs has raised concerns about Polymarket's legitimacy and accuracy, as they discovered widespread wash trading on the platform. Around one-third of the trading volume on Polymarket was found to be fake. The allegations of wash trading have had a negative impact on political-tied cryptocurrencies, with the market capitalization of top PolitiFi coins plummeting 6.3% in one day. The decline in trading volume also indicates a loss of enthusiasm around these coins.
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