A blockchain tracking firm says a crypto trader known for accurately calling tops and bottoms has caused a massive correction for MAGA (TRUMP), a memecoin inspired by presidential nominee Donald Trump.
The pseudonymous trader known as Gigantic Rebirth (GCR) reportedly sent over half of his TRUMP stack to crypto exchange MEXC, presumably to sell on the open market, according to Lookonchain.
“Legendary trader GCR (GiganticRebirth) deposited 466,000 TRUMP ($2.4 million) to MEXC, causing the price to drop by 10%.
GCR spent 703,000 USDT to buy 936,000 TRUMP at $0.75 from Dec 9th, 2023 to Jan 19th, 2024.
He currently holds 470,000 TRUMP ($2.28 million), with a profit of ~$4 million!”
At time of writing, TRUMP is trading for $4.34, down about 20% from last week’s high of $5.47.
However, TRUMP is up about 56% in October, rising in sync with Donald Trump’s odds of winning the November presidential election. Data from the crypto betting platform Polymarket shows that Trump has an over 60% chance of winning the upcoming US election.
The Republican nominee made crypto part of his campaign earlier this year, arguing that the US should revive its digital asset industry to become the “crypto capital of the planet.”
He also backed the launch of his own crypto platform World Liberty Financial (WLFI) – though details on the project are still unclear.
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The post Legendary Crypto Trader Triggers Correction for Trump-Themed Memecoin After Big Rallies: Lookonchain appeared first on The Daily Hodl.