News
Memecoin FLOKI and MAGA rally amidst on-chain bullish parameters
- A large wallet investor has spent $863,000 to buy FLOKI and MAGA, as of April 8th.
- In less than two months, the investor earned over $3.5 million in unrealized profits, thanks to the rising prices of FLOKI and MAGA.
- FLOKI and MAGA have both noticed an increase in active addresses and social dominance.
Crypto intelligence tracker Lookonchain has identified a large investor in a wallet that has been accumulating FLOKI (FLOKI) and MAGA TRUMP (MAGA) tokens, in exchange for Ether, since April 8. The tracker identified portfolio purchases and noted an unrealized gain of more than $3.5 million as assets rallied.
Meme coins have seen a steady rise in recent weeks, likely due to the capital turnover of Bitcoin and Ethereum or growing demand among market participants.
FLOKI and MAGA prices recover amidst on-chain bullish metrics
Lookonchain tracked a theunipcs.eth portfolio and noticed that the investor spent 276.4 Ether ($863,000) to purchase 4.56 billion FLOKI (currently worth $1.1 million) and 18.45 Ether ($57,000) to buy 6.27 billion MAGA (currently worth $3.48 million), since April 8. Since the investor purchase, investors have unrealized gains of $3.4 million on MAGA and $245,000 on FLOKI holdings, according to the tracker.
The two tokens have steadily recovered in the ongoing meme coin supercycle. According to crypto.ro, the term supercycle refers to prolonged bullish periods in which cryptocurrency prices experience a substantial and sustained upward trend.
FLOKI added nearly 17% to its value on Monday and has sustained gains of more than 36% over the past seven days, as seen on Binance.
Data from Santiment, an on-chain crypto metrics tracker, shows that there was 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 mention of a token in crypto conversations on social media platforms and tracks it in percentage points.
In the case of MAGA, active addresses increased by almost 300%, going from 626 on Saturday to 2,498 on Monday. The increase in active addresses supports a bullish narrative for the meme coin. Over the same period, social dominance rose from 1.57% to 4.2%.
At the time of writing, MAGA’s price is $0.000614, up nearly 24% on the day, supporting gains of more than 770% on the week.