Insider Selling Hits MAGA Token on Ethereum, Price Declines

• Insider selling activity in MEMEcoin (MAGA) prompts concern as one entity controls a significant portion of the token supply.
• Technical analysis signals a bearish trend for MAGA, prompting traders to consider short positions or await reversal signals.
• Ethereum’s bullish surge contrasts with cautionary RSI levels, indicating potential price corrections despite its impressive 18.07% gain.

Lookonchain, an on-chain analytics platform, has identified significant insider selling activity affecting the MEMEcoin ($MAGA) on the Ethereum blockchain.

According to their report, an insider utilized 22 separate wallets to acquire an initial holding of 140.4 billion MAGA tokens, representing one-third (33.37%) of the total supply, for a mere 5.35 ETH (approximately $19,586). Subsequently, the insider sold 79.9 billion MAGA tokens for 320 ETH (roughly $1.05 million), retaining a holding of over 60.5 billion MAGA tokens, currently valued at more than $9 million.

Note that an insider is selling #MEMEcoin $MAGA on #Ethereum!

The insider spent 5.35 $ETH($19,586) to buy 140.4B $MAGA(33.37% of supply) with 22 wallets.

So far, the insider has sold 79.9B $MAGA for 320 $ETH($1.05M)…

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