A blockchain tracking company says a crypto trader known for accurately calling highs and lows caused a massive correction for MAGA (TRUMP), a memecoin inspired by presidential candidate Donald Trump.
The pseudonymous trader known as Gigantic Rebirth (GCR) allegedly 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) deposited 466,000 TRUMP ($2.4 million) into MEXC, causing the price to drop by 10%.
GCR spent 703,000 USDT to purchase 936,000 TRUMP at $0.75 from December 9, 2023 to January 19, 2024.
He currently holds 470,000 TRUMP ($2.28 million), with a profit of around $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, rising in sync with Donald Trump’s chances of winning the November presidential election. Data from crypto betting platform Polymarket shows that Trump has more than a 60% chance of winning the upcoming US election.
The Republican candidate incorporated crypto into his campaign earlier this year, arguing that the United States should revive its digital assets industry to become the “crypto capital of the world.”
He also backed the launch of his own crypto platform World Liberty Financial (WLFI) – although details of the project are not yet clear.
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