Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption. Additionally, supply distribution data shows that a group of whales seized the dip and bought into TRUMP’s recent price pullback.

MAGA on-chain metrics hint at a rally ahead

Santiment’s Daily Active Addresses index, which tracks network activity over time, paints a bullish picture for MAGA. A rise in the metric signals greater blockchain usage, while declining addresses point to lower demand for the network.

In TRUMP’s case, Daily Active Addresses rose from 903 on Friday to 2,606 on Tuesday, the highest level since mid-July. This indicates that demand for TRUMP usage is increasing, which bodes well for MAGA price.

TRUMP Daily Active Addresses chart. Source: Santiment

Similarly, MAGA’s Network Growth surged from 326 on Thursday to 1,226 on Monday, marking the highest level since mid-July. This increase reflects a growing number of new addresses created daily, signaling rising user adoption and growing traction for the project.

TRUMP Network Growth chart. Source: Santiment

Santiment’s Supply Distribution metric shows that whales with 100,000  to 1 million TRUMP tokens dropped from 15.95 million to 11.34 million from October 18. Meanwhile, wallets holding 1 million to 10 million TRUMP surged from 10.88 million to 16.05 million in the same period.

This interesting development shows that the first cohort of whales could have fallen prey to the capitulation event. In contrast, the second set of wallets seized the opportunity and accumulated MAGA at a discount.

TRUMP Supply Distribution chart. Source: Santiment