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

n70products by n70products
October 21, 2024
in Altcoin
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Legendary Crypto Trader Triggers Correction for Trump-Themed Memecoin After Big Rallies: Lookonchain
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A blockchain monitoring agency says a crypto dealer recognized for precisely calling tops and bottoms has brought about 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 alternate MEXC, presumably to promote on the open market, based on 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 presently holds 470,000 TRUMP ($2.28 million), with a revenue of ~$4 million!”

Image
Supply: Lookonchain/X

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 profitable the November presidential election. Knowledge from the crypto betting platform Polymarket reveals that Trump has an over 60% likelihood of profitable the upcoming US election.

Screenshot 2024 10 20 at 15.45.17
Supply: Polymarket

The Republican nominee made crypto a part of his marketing campaign earlier this 12 months, arguing that the US ought to revive its digital asset trade to change into the “crypto capital of the planet.”

He additionally backed the launch of his personal crypto platform World Liberty Monetary (WLFI) – although particulars on the challenge are nonetheless unclear.

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Tags: BigcorrectionCryptoLegendaryLookonchainMemecoinRalliesTraderTriggersTrumpThemed
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