The crypto market is up for a toss over forecasts predicting Donald Trump’s victory in the US presidential election, with the MAGA ($TRUMP) coin surging 12% on October 18.
As per the decentralized prediction platform Polymarket, the chances of former US President Donald Trump winning the elections is now 59.5% which sparked a crypto rally. The primary mover in this rally, is the crypto whale “Fredi9999” whose $938,000 spending caused the MAGA price surge.
The crypto whale who currently has 16.62 million “Yes” shares worth $9.9 million was trying to purchase another 1.59 million “Yes” shares with a bet that Trump will win the next US election. By the end of Friday, MAGA was trading at $5.16 with 13.62% surge.
On Monday, October 21, MAGA is trading at $4.21, gaining 7.02% in the last 24 hours. The cryptocurrency has a market capitalization of $185.22 million (up by nearly 7%) with a trading volume of $5.22 million. MAGA is trading below its all time high $17.52 and is currently valued at 75.28%.
The increase in MAGA value over the weekend shows the growing confidence of the crypto market with whales enhancing it by their investments and price prediction. There is a bullish trend in the MAGA market as the token decreased to 0.00015000 level before rallying to the 0.00018000 resistance point. However, the ADX indicator suggests that the trend is weakening amidst the price surge.
There’s a possibility that this price surge might slide in the absence of a buying pressure or a stronger volume. As per the ADX, news related Trump will lead to price movement across the crypto market specially the MAGA token.