Polymarket Continues to Hit All-Time Highs in Lead-Up to 2024 U.S. Election

Based on Dune Analytics’ latest figures, the prediction market Polymarket’s October volume has soared to over three times what it was in September.

Prediction market platform Polymarket has seen a massive surge in trading activity this October, with a 3x increase compared to the previous month. According to Dune Analytics, Polymarket's trading volume reached an impressive $1.612 billion as of Oct. 26. This marks a significant increase from the $503.88 million recorded in September.

With just five days remaining in October, the platform's trading activity is poised to reach even greater heights. Notably, Polymarket's monthly active traders have also soared, reaching 163,140 in October, up from 80,514 in September.

On Oct. 24, the platform achieved new all-time highs for both daily volume and active traders. Furthermore, open interest on the platform has also reached an all-time peak of over $287 million as of Oct. 26.

Dune Analytics' data reveals that a large proportion of the trading activity on Polymarket is related to the upcoming U.S. election, with an astonishing 76% to 91% of all trading volume being driven by election-related bets. These bettors also account for a substantial 76% of weekly users on the platform.

However, it's also worth noting that non-election volume on Polymarket also reached a high on Oct. 7, indicating some diversification among traders on the platform.

Polymarket's strong momentum is expected to continue in the lead-up to the election, but once Election Day passes on Nov. 5, the landscape could shift quickly. It will be fascinating to observe how this activity holds up post-election and whether prediction markets continue to garner interest as other major global events unfold.