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MAGA Memecoin Sees Bullish Metrics as U.S. Elections Approach

MAGA memecoin rallies as active addresses and whale interest rise. Dive into why MAGA is trending before U.S. elections.

3 minNovember 5, 2024November 5, 2024

Highlights:

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MAGA memecoin sees rising daily active addresses, signaling strong user engagement.

•

Whale investors buy MAGA during recent dip, showing confidence in future gains.

•

Increased network growth highlights MAGA’s adoption and popularity before U.S. elections.

MAGA Memecoin Sees Bullish Metrics as U.S. Elections Approach

The Trump-themed MAGA memecoin has caught attention with its strong performance just ahead of the U.S. elections. MAGA rallied more than 20% over the past few days as on-chain metrics show growing demand. 

 

With more daily active addresses and steady network growth, the memecoin signals increasing adoption and use. Whale investors have also made strategic buys during recent price dips, positioning MAGA for further gains.

 

Rising User Activity Boosts MAGA’s Appeal

 

 

Data from Santiment shows that MAGA’s daily active addresses rose sharply, climbing from 903 on Friday to 2,606 by Tuesday—the highest since mid-July. This increase in unique addresses indicates more users interacting with the network, reflecting stronger interest and demand.

 

Network Growth metrics tell a similar story. New address creation jumped from 326 on Thursday to 1,226 on Monday. These new wallets reflect fresh users entering the MAGA ecosystem, highlighting increased adoption. 

 

Whale Buying Signals Optimism for MAGA

 

MAGA’s Supply Distribution metric reveals a strategic play by larger investors. Whales holding between 100,000 and 1 million tokens recently reduced their positions, dropping from 15.95 million to 11.34 million tokens since mid-October. 

 

This sell-off may suggest profit-taking after the memecoin’s recent gains. However, a different group of whales saw an opportunity. Wallets holding 1 million to 10 million MAGA tokens increased their holdings from 10.88 million to 16.05 million in the same period. 

 

With rising user engagement, growing adoption, and strategic whale buys, MAGA memecoin appears poised for a strong run as the U.S. elections approach. This unique combination of market activity and political sentiment could drive further gains for MAGA in the days ahead.

 

 

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