A Reddit post claims that GCR, who bet against LUNA in 2022, bought 450,000 MOON tokens from MEXC and transferred them to Kraken. An on-chain expert confirmed the speculation to CoinDesk.
went viral on Wednesday and claims that the pseudonymous trader GCR, who took a $10 million bearish bet against Terra’s LUNA cryptocurrency in early 2022, is holding large amounts of Reddit’s community token Moons (MOON).
An on-chain expert confirmed the speculation to CoinDesk, saying that GCR likely bought 450,000 MOON at an average price of 40 cents-45 cents.
GCR is a well-known crypto trader who has a high Twitter following and often appears on the FTX exchange’s Top 100 Traders leaderboard.
He is known for his short positions on various tokens, especially LUNA, which he bet would trade lower than $88 by March 2023.
He challenged Terraform Labs CEO Do Kwon to increase the bet to $50 million, but Do declined.
Reddit Post Reveals GCR’s MOON Purchase
MOON is an ERC-20 token distributed as a reward for comments or posts in the r/CryptoCurrency subreddit. It can be used to display reputation, unlock exclusive features, and add weight to votes in polls.
MOON surged over 50% early this week after Kraken listed the token.
According to the Reddit post by Nutcase420 in r/CryptoCurrency, GCR bought 450,000 MOON tokens from the MEXC exchange and transferred them to Kraken via 24 hours ago.
The post cites a tweet, which says the Kraken deposit address – 0x5D1177F01f6607628b78fB29C73C8de751B28839 – is associated with GCR because it has previously received large amounts of ether from GCR’s Ethereum name service domain @GiganticRebirth: Ezekielx.eth.
CoinDesk reached out to GCR on Twitter.
Prithvir Jhaveri, co-founder, and CEO of Loch Research, a blockchain analytics firm, confirmed the speculation to CoinDesk.
“After conducting a bit of on-chain analysis, we were able to confirm that this Kraken address is associated with GCR. He sent millions of ETH to it from an ENS that’s confirmed to be his – Ezekielx.eth. He bought 450k MOON at an average price of 40 cents-45 cents,” adding that it is unclear when GCR acquired MOON tokens.
Prithvir Jhaveri
MOON’s Price Reaction: Bullish or Bearish?
Social media is hailing GCR’s supposed MOON holdings as a bullish catalyst for the token.
“Well, this was some unexpected awesome news. The positive Moons headlines keep happening, don’t know how much more I can take. What’s next, Moons on Coinbase?” One member commented on the GCR post in the r/CryptoCurrency subreddit.
However, some users are also wary of GCR’s intentions and possible market manipulation. “He could be planning to dump them all at once and crash the price,” another user warned.
MOON is currently trading at $0.29, up 3.4% in the last 24 hours, according to CoinGecko. It has a market capitalization of $30.8 million and a circulating supply of 106.8 million tokens.
