A blockchain tracking company said a cryptocurrency trader known for accurately distinguishing between highs and lows caused a massive correction in MAGA (TRUMP), a memecoin inspired by presidential candidate Donald Trump.
According to Lookonchain, a pseudonymous trader known as Gigantic Rebirth (GCR) reportedly sent more than half of his TRUMP stack to cryptocurrency exchange MEXC to sell on the open market.
“Legendary trader GiganticRebirth (GCR) deposited 466,000 TRUMP ($2.4 million) into MEXC, causing a 10% decline in the price.
From December 9, 2023 to January 19, 2024, GCR used 703,000 USDT to purchase 936,000 TRUMP at $0.75.
He currently has 470,000 TRUMP ($2.28 million) and profits of ~$4 million!”
As of this writing, TRUMP is trading at $4.34, down about 20% from last week’s high of $5.47.
However, TRUMP rose about 56% in October, in line with Donald Trump’s odds of winning the November presidential election. Data from cryptocurrency betting platform Polymarket shows that Trump has a more than 60% chance of winning the upcoming US election.
The Republican candidate incorporated cryptocurrency into his campaign earlier this year, arguing that the United States should become the “crypto capital of the planet” by reviving the digital asset industry.
He also supported the launch of his own cryptocurrency platform, World Liberty Financial (WLFI), but details about the project remain unclear.
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