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Crypto investors are calling for a Trump victory due to the infamous “inverse Cramer” effect following the popular television host’s Monday predictions of a Harris victory.
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Television personality Jim Cramer may have indirectly signaled a victory for former United States President Donald Trump in the 2024 presidential election.
On Monday, Nov. 4, Cramer reviewed the stock market performance and said that the moves reflect growing investor confidence in a victory for Vice President Kamala Harris in the 2024 presidential election.
“I’m not sure the market’s right about what a Harris presidency would mean for business, but at least now we have a blueprint for what Wall Street thinks it’ll mean.”
Some investors are taking Cramer’s Harris prediction as a sign of a Trump victory, due to a phenomenon known as the “inverse Cramer” effect, which sees the opposite outcome of Cramer’s predictions come to pass.
Cramer’s prediction came a day ahead of election day in the US, where cryptocurrency is becoming a political focal point for the first time in history.
US elections coverage page. Source: Cointelegraph
The inverse Cramer trend led to an exchange-traded fund (ETF) aiming to profit from shorting Cramer’s stock tips. However, the ETF was closed and liquidated after just 10 months, attracting only $2.4 million in investment and returning a negative 15% since its launch — highlighting that Cramer’s predictions are not always wrong.
Trump vs. Harris, winning odds. Source: Polymarket
Polymarket odds flipped in Trump’s favor on Oct. 4, marking a sharp reversal from September. By Oct. 12, Trump was leading by over 10 points, Cointelegraph reported.
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Polymarket whales are betting millions of dollars on a Trump victory
Polymarket whales, or investors with large amounts of capital, continue betting millions on Trump’s victory, even on election day.
Earlier on Nov. 5, an unidentified whale, “walletmobile,” deposited nearly $5 million in USD Coin (USDC) on Polymarket to back Trump, with $2.8 million already placed, according to Lookonchain data.
Another whale, “zxgngl,” Polymarket’s largest Trump backer, withdrew an additional $3.1 million in USDC for Trump bets on Nov. 5.
Polymarket whale account, “zxgngl.” Source: Polymarket
The mysterious whale holds over $18.5 million worth of “Yes” votes for Trump, with a current unrealized profit of over $528,000, Polymarket data shows.
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On Oct. 28, Cointelegraph reported that four out of the top six largest Trump-voting accounts on Polymarket were controlled by the same entity, known as “Fredi9999,” who helped bolster Trump’s odds above 60.2% by buying over $20 million worth of “Yes” shares up to Oct. 18.
However, transaction patterns suggest that account “zxgngl” is unrelated to the Polymarket accounts controlled by Fredi.
Top Polymarket Trump-voting accounts. Source: Polymarket
Moreover, the mysterious whale has surpassed all the accounts associated with Fredi, becoming the biggest Trump better on Polymarket with over 29.4 million “Yes” shares.
Harris vs. Trump 2024: What’s at Stake for the Crypto Market? Source: YouTube
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This article first appeared at Cointelegraph.com News
