- FLOKI and MAGA tokens surge with double-digit gains, driven by bullish on-chain metrics and increased social media buzz.
- A major wallet investor nets over $3.5 million in unrealized profits, signaling strong market confidence in these meme coins.
In a remarkable turn of events, FLOKI and MAGA tokens have experienced a significant surge, buoyed by bullish on-chain metrics and increasing social media traction. A prominent wallet investor has made headlines by investing $863,000 in these tokens since April 8, resulting in unrealized profits exceeding $3.5 million.
Crypto intelligence tracker Lookonchain revealed this large wallet investor, known by the handle tunics.eth exchanged 276.4 Ether ($863,000) for 4.56 billion FLOKI tokens, now valued at $1.1 million. Additionally, the investor spent 18.45 Ether ($57,000) to acquire 6.27 billion MAGA tokens, which have soared to a current worth of $3.48 million. These strategic purchases have resulted in substantial unrealized gains of $3.4 million in MAGA and $245,000 in FLOKI, underscoring the robust performance of these meme coins.
The ongoing rally in meme coins like FLOKI and MAGA is likely a product of capital rotation from major cryptocurrencies such as Bitcoin and Ethereum, along with increasing demand from market participants. This trend has been further fueled by what industry experts describe as a meme coin supercycle—a prolonged bullish period characterized by significant and sustained price increases in the crypto market.
FLOKI, in particular, has demonstrated impressive growth, adding nearly 17% to its value on Monday and achieving over 36% gains in the past week, as recorded on Binance. On-chain data from Santiment indicates a notable spike in active addresses for FLOKI, increasing by 10%, and a social dominance metric of 0.50%, reflecting its growing presence in crypto conversations on social media platforms.
The social dominance metric is crucial as it measures the share of a token’s mentions in crypto discussions across social networks, indicating the level of community interest and engagement. For FLOKI, this heightened visibility has correlated with its recent price rally, suggesting strong market sentiment.
Similarly, MAGA has shown remarkable performance, with active addresses soaring nearly 300%, from 626 on Saturday to 2,498 on Monday. This surge in active participation bolsters the bullish outlook for MAGA, which has also seen its social dominance climb from 1.57% to 4.2% over the same period.
At the time of writing, the price of MAGA stands at $0.000614, marking an impressive 24% increase for the day and a staggering 770% gain over the week. This extraordinary performance highlights the potential of meme coins in the current market environment, driven by strategic investments and heightened social media activity.
The substantial gains and increased activity surrounding FLOKI and MAGA illustrate the dynamic nature of the cryptocurrency market, where meme coins continue to capture investor interest and achieve significant returns. As the market evolves, the performance of these tokens will be closely watched by both investors and analysts, eager to understand the factors driving their success and sustainability
