Crypto whales are turning their attention to the MELANIA meme coin, loading up their bags and positioning for what some believe will be “the most hated rally.”
In a tweet today, market analytics resource Lookonchain pointed out that a mysterious whale created a new wallet just hours ago and withdrew $10 million in USDC from Binance. The whale then used the funds to acquire 6.69 million MELANIA tokens at $1.50 each.
This major capital commitment from a deep-pocket investor comes at a time when MELANIA is trading near an all-time low. This signals a belief in an imminent price pump.
MELANIA Meme Coin Performance
Notably, MELANIA is a Solana-based meme coin launched by Melania Trump, the wife of the 47th President of the United States, Donald Trump. The coin launched following the dramatic success of Donald Trump’s official meme coin, TRUMP.
While TRUMP saw a massive 410X increase within 24 hours of its launch, MELANIA aimed to capitalize on the same frenzy. However, it experienced minimal success.
MELANIA’s price dropped to an all-time low of $1.35 on Monday. At its current price of $1.69, it has suffered a massive 87% loss from its all-time high of $13.73.
Whale Buying Could Trigger the “Most Hated Rally”
While many in the crypto community have written off the MELANIA meme token, liquidating their holdings after consecutive days of losses, some believe the token has reached its absolute bottom and could begin a consistent uptrend from here. This optimism may be influencing the recent whale.
Commenting on the latest buy position, X user Dave Bunattol stated that the “most hated rally” for the MELANIA meme token will arrive soon. Indeed, this expectation is slowly beginning to play out.
In particular, the whale who recently purchased 6.69 million MELANIA tokens from Binance is already in a profitable position.
At press time, MELANIA is up 20%, and the whale’s holding is currently worth $11.3 million. Specifically, this translates to an unrealized gain of $1.3 million from their recent investment in the coin.
Image showing the whales latest MELANIA portfolio
Call Not to Sell MELANIA Until $20
In a separate comment, analyst Sergio warned market participants that a trend change is imminent for the MELANIA token. He advised against selling before the price reaches $20.
According to him, some will attempt to shake small investors out of the market on the way to this target. “Do not give in to these manipulations,” he said.
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