Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Source Fxstreet

MAGA’s daily active addresses are increasing, signaling greater network usage.
MAGA’s Network Growth metric surged and reached its highest level in mid-July.
Supply Distribution reveals that one cohort of whales seized the opportunity and bought as TRUMP dips.

MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption. Additionally, supply distribution data shows that a group of whales seized the dip and bought into TRUMP’s recent price pullback.

MAGA on-chain metrics hint at a rally ahead

Santiment’s Daily Active Addresses index, which tracks network activity over time, paints a bullish picture for MAGA. A rise in the metric signals greater blockchain usage, while declining addresses point to lower demand for the network.

In TRUMP’s case, Daily Active Addresses rose from 903 on Friday to 2,606 on Tuesday, the highest level since mid-July. This indicates that demand for TRUMP usage is increasing, which bodes well for MAGA price.

TRUMP Daily Active Addresses chart. Source: Santiment

Similarly, MAGA’s Network Growth surged from 326 on Thursday to 1,226 on Monday, marking the highest level since mid-July. This increase reflects a growing number of new addresses created daily, signaling rising user adoption and growing traction for the project.

TRUMP Network Growth chart. Source: Santiment

Santiment’s Supply Distribution metric shows that whales with 100,000 to 1 million TRUMP tokens dropped from 15.95 million to 11.34 million from October 18. Meanwhile, wallets holding 1 million to 10 million TRUMP surged from 10.88 million to 16.05 million in the same period.

This interesting development shows that the first cohort of whales could have fallen prey to the capitulation event. In contrast, the second set of wallets seized the opportunity and accumulated MAGA at a discount.

TRUMP Supply Distribution chart. Source: Santiment

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

WTI (USOIL) Is down 2.13% on Sep 22: What Is Driving the Move?WTI (USOIL) is down 2.13% at Sep 22 05:55(ET), now at $89.999, with a 7-day down of 12.84%.What is driving WTI (USOIL)’s stock price down today?The retreat in US crude oil benchmark prices was primari

Author TradingKey

Sep 22, Tue

WTI (USOIL) is down 2.13% at Sep 22 05:55(ET), now at $89.999, with a 7-day down of 12.84%.What is driving WTI (USOIL)’s stock price down today?The retreat in US crude oil benchmark prices was primari

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Yesterday 06: 22

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anyway Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Author Irene Q.

Yesterday 06: 51

Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Gold Price Forecast: XAU/USD drifts toward $4.300 with bears gaining traction Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Author FXStreet

23 hours ago

Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Popular Symbols