FLOKI, MAGA tokens post double-digit rally with bullish on-chain metrics
- A large wallet investor has spent $863,000 to buy FLOKI and MAGA, since April 8.
- In less than two months, the investor has gained over $3.5 million in unrealized profits, as FLOKI and MAGA prices rally.
- FLOKI and MAGA have both noted an increase in active addresses and social dominance.
Crypto intelligence tracker Lookonchain identified a large wallet investor who has accumulated FLOKI (FLOKI) and MAGA TRUMP (MAGA) tokens, in exchange for Ether, since April 8. The tracker identified the wallet’s purchases and noted an unrealized gain of over $3.5 million, as the assets rallied.
Meme coins have consistently rallied in the past few weeks, likely a result of capital rotation from Bitcoin and Ethereum or rising demand among market participants.
FLOKI and MAGA prices rally amidst bullish on-chain metrics
Lookonchain tracked a wallet theunipcs.eth and noted that the investor spent 276.4 Ether ($863K) to buy 4.56 billion FLOKI (currently worth $1.1 million) and 18.45 Ether ($57K) to buy 6.27 billion MAGA (currently worth $3.48 million), since April 8. Since the investor’s purchase, they are sitting on unrealized gains of $3.4 million on MAGA and $245,000 on FLOKI holdings, per the tracker.
Since Apr 8, theunipcs.eth spent 276.4 $ETH($863K) to buy 4.56B $FLOKI($1.1M currently) and spent 18.45 $ETH($57K) to buy 6.27B $MAGA ($3.48M currently).
— Lookonchain (@lookonchain) May 27, 2024
In less than 2 months, he earned $3.4M (+6005%) on $MAGA and 245K(+28%) on $FLOKI.https://t.co/KcHii3pdtt pic.twitter.com/rojnnhkH7K
The two tokens have rallied consistently in the ongoing meme coin supercycle. According to crypto.ro, the term supercycle refers to prolonged bullish periods when crypto prices experience a substantial and sustained upward trend.
FLOKI added nearly 17% to its value on Monday and sustained over 36% gains in the last seven days, as seen on Binance.
Data from Santiment, a crypto on-chain metrics tracker, shows that there is a spike in active addresses and social dominance in FLOKI on Monday as the active address count increased by 10% and social dominance is 0.50%.
The social dominance metric measures the share of a token’s mention in crypto conversations across social media platforms and plots it in percentage points.
In the case of MAGA, the active addresses increased nearly 300% from 626 on Saturday to 2,498 on Monday. The surge in active addresses supports a bullish narrative for the meme coin. Social dominance climbed from 1.57% to 4.2% in the same period.
At the time of writing, MAGA price is $0.000614, up nearly 24% on the day, sustaining over 770% gains on the week.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
