A blockchain monitoring agency says a crypto dealer recognized for precisely calling tops and bottoms has triggered an enormous correction for MAGA (TRUMP), a memecoin impressed by presidential nominee Donald Trump.
The pseudonymous dealer referred to as Gigantic Rebirth (GCR) reportedly despatched over half of his TRUMP stack to crypto change MEXC, presumably to promote on the open market, in accordance with Lookonchain.
“Legendary dealer GCR (GiganticRebirth) deposited 466,000 TRUMP ($2.4 million) to MEXC, inflicting the worth to drop by 10%.
GCR spent 703,000 USDT to purchase 936,000 TRUMP at $0.75 from Dec ninth, 2023 to Jan nineteenth, 2024.
He at present holds 470,000 TRUMP ($2.28 million), with a revenue of ~$4 million!”
At time of writing, TRUMP is buying and selling for $4.34, down about 20% from final week’s excessive of $5.47.
Nevertheless, TRUMP is up about 56% in October, rising in sync with Donald Trump’s odds of successful the November presidential election. Knowledge from the crypto betting platform Polymarket exhibits that Trump has an over 60% likelihood of successful the upcoming US election.
The Republican nominee made crypto a part of his marketing campaign earlier this yr, arguing that the US ought to revive its digital asset business to turn out to be the “crypto capital of the planet.”
He additionally backed the launch of his personal crypto platform World Liberty Monetary (WLFI) – although particulars on the undertaking are nonetheless unclear.
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