A large-wallet memecoin investor has seen impressive gains of over $3.6 million in FLOKI and MAGA.
According to crypto intelligence tracker Lookonchain, a large wallet investor, known as theunipcs.eth, has accumulated significant amounts of FLOKI and MAGA Hat (MAGA) tokens in exchange for Ether (ETH) since April 8. The investor has seen impressive unrealized gains of over $3.6 million as the value of these assets has soared.
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).
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
— Lookonchain (@lookonchain) May 27, 2024
Over the past few weeks, there has been a consistent increase in the value of meme coins, possibly due to a shift of funds from established cryptocurrencies like Bitcoin and Ethereum or an uptick in demand from investors. According to Lookonchain’s data, the address theunipcs.eth used 276.4 ETH (worth around $863,000) to buy 4.56 billion FLOKI tokens, which are now valued at approximately $1.1 million. In addition, the investor spent 18.45 ETH (roughly $57,000) to acquire 6.27 billion MAGA tokens, which are now worth $3.48 million. As a result, the investor is currently sitting on unrealized gains of about $3.4 million from MAGA and $245,000 from FLOKI.
FLOKI and MAGA Bullish Trend
The value of FLOKI and MAGA has been consistently increasing during the current surge in memecoin popularity, which aligns with the overall rise in cryptocurrency prices. FLOKI saw a nearly 17% increase on Monday and has gone up by over 36% in the past week. Crypto metrics tracker Santiment reported a 10% increase in active addresses and a social dominance of 0.50% for FLOKI, indicating strong positive momentum for the token.
MAGA experienced an even bigger increase. The active addresses surged by almost 300%, from 626 on Saturday to 2,498 on Monday. At the same time, MAGA’s social dominance rose from 1.57% to 4.2%. The latest data shows MAGA’s price at $0.000614, reflecting an almost 24% increase in a day and a huge 770% gain over the week.
The substantial increase in active addresses and social engagement for FLOKI and MAGA indicates growing interest and participation in these memecoins. This trend suggests that memecoins continue to attract significant attention and investment, contributing to their sustained price rallies and increased market presence.
