A blockchain analytics firm reports that a crypto trader renowned for accurately predicting market peaks and troughs has triggered a significant correction in MAGA (TRUMP), a memecoin inspired by presidential candidate Donald Trump.
The anonymous trader, known as Gigantic Rebirth (GCR), reportedly transferred more than half of his TRUMP holdings to the crypto exchange MEXC, likely intending to sell on the open market, as per Lookonchain.
“Famous trader GCR (GiganticRebirth) deposited 466,000 TRUMP ($2.4 million) to MEXC, leading to a 10% price drop.
GCR invested 703,000 USDT to acquire 936,000 TRUMP at $0.75 between Dec 9th, 2023 and Jan 19th, 2024.
He now retains 470,000 TRUMP ($2.28 million), realizing a profit of approximately $4 million!”
As of now, TRUMP is trading at $4.34, down roughly 20% from last week’s peak of $5.47.
Nonetheless, TRUMP has surged about 56% in October, correlating with Donald Trump’s increasing odds of securing the November presidential election. Data from the crypto betting platform Polymarket indicates that Trump has more than a 60% chance of winning the upcoming U.S. election.
The Republican nominee has incorporated cryptocurrency into his campaign this year, advocating for the U.S. to rejuvenate its digital asset industry to become the “crypto capital of the world.”
He also endorsed the creation of his own crypto platform, World Liberty Financial (WLFI), although specifics about the project remain vague.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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