The Reddit Trader Who Made a 550% Return on Polymarket Betting (MOON)
The owner of Reddit (MOON) recently achieved a 550% return using the Polymarket prediction platform, while Bitcoin surpassed $50,000. This trader had invested in the “Yes” option of Polymarket’s betting contract, related to the question “Will BTC reach $50,000 by February?”, which has now expired. The anonymous trader, known by the pseudonym u/MeLLoN98, is currently betting on the further increase in the price of Bitcoin, predicting that it will reach a record level by the end of the first quarter.
Betting on Bitcoin on Polymarket at the Core of Reddit Trader’s Success (MOON)
Currently, some traders are achieving higher returns than the market thanks to the use of the decentralized prediction platform Polymarket. An evident example of this success is represented by u/MeLLoN98, an influential contributor of the r/CryptoCurrency community on Reddit. This trader achieved an incredible 550% return on investment after purchasing over 90,000 shares in the “Yes” side of a betting contract on Polymarket, related to the question “Will BTC reach $50,000 by February?”. The contract was settled as positive on Monday, following Bitcoin (BTC) surpassing $50,000 on the Coinbase (COIN) listing on Nasdaq, reaching the highest peak since the beginning of December 2021.
From the MOON ERC-20 Token to Winning Bets on Polymarket
The MOON ERC-20 token is awarded to community members as recognition for their contributions on Reddit and is freely tradable within the community. In u/MeLLoN98’s case, he used his freely obtained MOON tokens to bet on the price of Bitcoin, winning over $91,000. With the prospect of accumulating additional MOON, the user has planned strategies based on the future integration of moons in Arbitrum One through a partnership with Celer Network, increasing the available liquidity. Polymarket offers several betting contracts related to Bitcoin and Ether. One of them allows traders to speculate on the achievement of a new BTC price record on Binance by March 31st.
Source: Cryptonomist
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