A crypto trader known for making accurate predictions has caused a big drop in the price of MAGA (TRUMP), a memecoin inspired by Donald Trump.
The Big Sell-Off
The trader, known as Gigantic Rebirth (GCR), moved a huge chunk of his TRUMP tokens to the MEXC exchange, suggesting he was about to sell them. This move caused the price of TRUMP to plummet by 10%.
Lookonchain, a blockchain tracking firm, reported that GCR had bought a lot of TRUMP tokens earlier this year and made a huge profit before selling.
Trump’s Crypto Ambitions
TRUMP’s price has been rising in recent weeks, likely due to Trump’s increasing chances of winning the upcoming US election. Trump has been vocal about his support for crypto and even launched his own crypto platform, World Liberty Financial (WLFI).
Memecoin Volatility
Despite the recent drop, TRUMP is still up significantly this month. However, it’s important to remember that memecoins are known for their extreme volatility, and their prices can fluctuate wildly.
Disclaimer: This information is for general knowledge and should not be considered investment advice. Do your own research before investing in any cryptocurrency.
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