Crypto trader GCR sold 1.08 million tokens of memecoin MAGA (TRUMP) in the last 10 hours.
The memecoin showed 3.28% price decline in the last 24 hours according to CMC data.
The crypto market witnesses long-term profits intermittently with traders profiting from yearly price increases. In the last 9 hours, a wallet address suspected to be well-known pseudonymous trader GCR, aka Gigantic Rebirth had inflows of $8.3 million in profits by selling 1.08 million tokens of memecoin MAGA (TRUMP).
According to Arkham Intelligence data, the wallet with the address “0x4Ab” dumped the 1.08 million tokens onto the BTSE exchange in three different transactions. As the tokens surged over the weekend, fueled by Trump’s assassination attempt, it gave the trader added profits.
Secondly, besides the BTSE exchange, GCR also sent TRUMP tokens to another wallet address “0x576” named MAGA (Trump). He sent 9.9K tokens worth approximately $87.7 thousand to this account. GCR’s current TRUMP holdings are 89.645 tokens. Apart from TRUMP, the trader also holds ETH, USDT, and other memecoins.
Moreover, Gigantic Rebirth began purchasing the MAGA tokens from November until December 2023. The wallet spent a total of 540,700 USDT to buy these tokens at an average price of $0.5. This indicates that the wallet has gained a profit of up to 1538% over the last 8 months.
How High Did Memecoin TRUMP’s Bullish Rally Hit?
Notably, the TRUMP token price surged 17.59% on July 14. In the past year, it has shown a significant price performance of 45517% increase according to CMC data. At the time of writing the token was trading at $7.69 according to CMC data.
Additionally, with the recent US elections buzz, the token’s price recorded notable surges in the past two months. However, in the last few hours, all Trump-based memecoins have shown price declines. This is due to rising speculations about the validity of the assassination attempt on the Former US president.
Furthermore, the TRUMP token recorded an 3.28% daily decline, due to aforementioned reasons. Meanwhile, the token showed a 1.15% increase in trading volume in the last 24 hours.
Moreover, the Former president has shown his extensive support for the crypto community in his election campaigns. This caused several Trump-based memecoins to emerge on ecosystems including Solana and Ethereum.
Highlighted Crypto News Today:
Fed Expected to Lower Interest Rates as per Bloomberg’s Mike McGlone