A recent report from a blockchain tracking firm has shed light on a significant correction in the price of MAGA (TRUMP), a memecoin inspired by former President Donald Trump. The correction was reportedly triggered by a crypto trader known as Gigantic Rebirth (GCR), who is renowned for accurately predicting market tops and bottoms.
According to the report, GCR transferred more than half of his TRUMP holdings to the crypto exchange MEXC, leading to a 10% drop in the price of the token. The trader had initially acquired 936,000 TRUMP tokens at $0.75 each between December 9th, 2023, and January 19th, 2024, spending a total of 703,000 USDT. Currently, GCR still holds 470,000 TRUMP tokens, with an estimated profit of around $4 million.
The price of TRUMP is currently hovering around $4.34, marking a 20% decline from its recent high of $5.47. Despite the correction, the token has seen a 56% increase in value in October, mirroring the rise in Donald Trump’s odds of winning the upcoming presidential election. Data from the crypto betting platform Polymarket indicates that Trump has over a 60% chance of winning the election.
Donald Trump has actively embraced the crypto industry, advocating for the US to become a global leader in digital assets. Earlier this year, he unveiled his own crypto platform, World Liberty Financial (WLFI), although specific details about the project remain scarce.
As the crypto market continues to evolve, traders and investors are closely monitoring the movements of influential figures like GCR and the impact they can have on meme-inspired tokens like TRUMP. Stay updated on the latest developments by subscribing to our email alerts and following us on social media platforms like Twitter, Facebook, and Telegram.
In conclusion, the recent correction in the price of TRUMP highlights the volatile nature of the crypto market and the significant influence that individual traders can have on token prices. To stay informed and make informed investment decisions, it is essential to keep track of market trends and key players in the industry.