Legendary Crypto Trader Triggers Correction for Trump-Themed Memecoin After Big Rallies: Lookonchain

A blockchain monitoring firm says a crypto dealer identified for precisely naming tops and bottoms has precipitated an enormous correction for MAGA (TRUMP), a memecoin impressed by presidential candidate Donald Trump.

The pseudonymous dealer often known as Gigantic Rebirth (GCR) has reportedly despatched greater than half of his TRUMP stack to crypto alternate MEXC, presumably to promote on the open market, in line with Lookonchain.

“Legendary dealer GCR (GiganticRebirth) poured 466,000 TRUMP ($2.4 million) into MEXC, inflicting the worth to fall by 10%.

GCR spent 703,000 USDT to buy 936,000 TRUMP for $0.75 from December 9, 2023 to January 19, 2024.

He presently owns 470,000 TRUMP ($2.28 million), with earnings of ~$4 million!”

On the time of writing, TRUMP is buying and selling at $4.34, down about 20% from final week’s excessive of $5.47.

Nonetheless, TRUMP is up about 56% in October, which is in sync with Donald Trump’s probabilities of profitable November’s presidential election. Information from the crypto betting platform Polymarkt exhibits that Trump has a greater than 60% likelihood of profitable the upcoming US elections.

The Republican candidate made crypto a part of his marketing campaign earlier this yr, arguing that the US wanted to revive its digital asset trade to develop into the “crypto capital of the planet.”

He additionally backed the launch of his personal crypto platform World Liberty Monetary (WLFI), though particulars concerning the challenge are nonetheless unclear.

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