A blockchain tracking company says a crypto trader known for accurately naming tops and bottoms has caused a massive correction for MAGA (TRUMP), a memecoin inspired by presidential candidate Donald Trump.
The pseudonymous trader known as Gigantic Rebirth (GCR) has reportedly sent more than half of his TRUMP stack to crypto exchange MEXC, presumably to sell on the open market, according to Lookonchain.
“Legendary trader GCR (GiganticRebirth) poured 466,000 TRUMP ($2.4 million) into MEXC, causing the price to fall by 10%.
GCR spent 703,000 USDT to purchase 936,000 TRUMP for $0.75 from December 9, 2023 to January 19, 2024.
He currently owns 470,000 TRUMP ($2.28 million), with profits of ~$4 million!”
At the time of writing, TRUMP is trading at $4.34, down about 20% from last week’s high of $5.47.
However, TRUMP is up about 56% in October, which is in sync with Donald Trump’s chances of winning November’s presidential election. Data from the crypto betting platform Polymarkt shows that Trump has a more than 60% chance of winning the upcoming US elections.
The Republican candidate made crypto part of his campaign earlier this year, arguing that the US needed to revive its digital asset industry to become the “crypto capital of the planet.”
He also supported the launch of his own crypto platform World Liberty Financial (WLFI), although details about the project are still unclear.
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