Insider Selling Hits MAGA Token on Ethereum, Price Declines
13d ago•
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- 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.
The post Insider Selling Hits MAGA Token on Ethereum, Price Declines appeared first on Coin Edition.
13d ago•
bullish:
0
bearish:
0
Share