In the cryptocurrency landscape, whale activities are normally significant indicators of market trends. One of the digital assets that are currently grabbing whales’ attention is the Melania meme (MELANIA).
New wallet acquires 6.69 million MELANIA
According to data reported by Lookonchain today, a big crypto investor created a new wallet and withdrew $10 million USDC from Binance. He then went ahead and used the funds to buy 6.69 million MELANIA coins at an average price of $1.5 for each token.
The meme coin has been facing significant declines for the past two weeks. It therefore seems this smart investor took advantage of the recent price drops to acquire massive amounts of tokens. The meme coin’s recent tremendous surges and massive profits made by early buyers are attracting savvy traders to accumulate the asset.
This whale’s activity shows big crypto holders are gaining interest in MELANIA coins. This indicates their increased optimism in the token, hoping to generate returns once the price rises in the future. Also since this cryptocurrency is associated with Trump’s family, whales are aware of its growth potential.
Such a big purchasing activity has an impact on the token’s prices as it decreases the circulating supply, possibly creating scarcity and pushing prices up. Also, whale acquisition like this attracts retail investors, arousing demand, and supporting bullishness momentum.
Melania price updates
MELANIA has been in the spotlight today as its price saw a remarkable increase of 15.6% over the past 24 hours. This means investors are heightening their interest in the asset and therefore channeling funds into the meme coin. As a result of today’s price hikes, the token is currently trading at $1.72.
The digital asset industry is recognized for its innovative offerings. On 19th January, Melania coin grabbed the interest of investors who are attracted to crypto investing. Its launch occurred at a time when meme coins were experiencing popularity and Trump was heading back to the White House.
Melania meme, launched by the current US First Lady, holds strong ties with cryptocurrency, politics (Trump’s family), and speculative investment.
After its launch, the coin witnessed a tremendous rise climbing to a new AHT within its first week. The initial price surges were triggered by media sensation around its launch and the hype associated with the Trump coin.
The asset amassed a whooping market capitalization of over $2 million within a short period and became the seventh biggest meme coin. However, the uptrends were temporary and its price rapidly experienced downtrends. As a result, MELANIA’s price has been down 61.1% in the past two weeks.
Just like other cryptocurrencies, its price has been impacted by broader market sentiment, macroeconomic factors, investors recouping profits, and overall rises and falls in crypto markets.
