Recently, the meme currency DJT has become a topic in the market. The well-known trader GCR even said that before the identity of the creator of DJT was revealed, he made a $100 million bet with Martin Shkreli that DJT was not a token issued by Trump.
100 millionif you don't have 100 million, as much as you're willing to bet
— GCR (@GiganticRebirth) June 18, 2024
This incident is reminiscent of a $10 million bet between Terra founder Do Kwon and GCR on Twitter in March 2022, betting that LUNA would be lower than the then market price ($88) in one year. As everyone knows, the final result was that LUNA and UST collapsed, GCR won the bet, and even made a lot of extra money by shorting LUNA.
A similar situation is happening again. Is this a sign that the market has entered a bear market?
In response, GCR himself stated on X that the bet for 2022 occurs in the middle of a bear market. The current market structure is closer to the collapse after the decentralized finance (DeFi) boom in late summer 2020, and even has a shadow of the summer of 2021. However, GCR emphasized that people should not rely too much on historical models, and the development of each cycle will be different, and concluded at the end:
"We are still in a bull market."
This article Is the well-known trader GCR’s repeated betting drama a sign of a bear market? I personally replied: Don’t panic, you’re still a bull! First appeared in Zombit.
