Crypto Whales Are Loading Up on the Melania Meme Coin, 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.

A new wallet was created by a mysterious whale just hours ago, according to market analytics resource Lookonchain in a tweet today. The whale withdrew $10 million in USDC from Binance and used it to buy 6.69 million MELANIA tokens at $1.50 each.

This substantial capital commitment from a deep-pocket investor comes as MELANIA is trading near an all-time low, indicating a belief in an impending price pump.

A Solana-based meme coin called MELANIA was launched by Melania Trump, the wife of the 47th President of the United States, Donald Trump. The coin was introduced following the remarkable success of Donald Trump's official meme coin, TRUMP.

While TRUMP experienced a massive 410X increase within 24 hours of its launch, MELANIA aimed to capitalize on the same frenzy but had little success.

On Monday, the price of MELANIA dropped to an all-time low of $1.35. At its current price of $1.69, the coin has suffered a significant loss of 87% from its all-time high of $13.73.

Many in the crypto community have written off the MELANIA meme token, liquidating their holdings after consecutive days of losses. However, some believe the token has reached its absolute bottom and could begin a consistent uptrend from here, which may have influenced the recent whale activity.

X user Dave Bunattol commented on the latest buy position, predicting the “most hated rally” for the MELANIA meme token, and the anticipation is gradually unfolding.

The whale who recently purchased 6.69 million MELANIA tokens from Binance is already showing a profit.

At press time, MELANIA is up 20%, and the whale's holding is now worth $11.3 million, indicating an unrealized gain of $1.3 million from their recent investment in the coin.

In a separate comment, analyst Sergio called attention to an impending trend change for the MELANIA token, advising against selling before the price reaches $20.

He stated that some will attempt to shake small investors out of the market during the rise to this target. “Do not give in to these manipulations,” he added.