Popular social media platform Reddit user Nutcase420 reported that anonymous crypto trader GCR, who gained fame by opening a $10 million short position on Terra’s LUNA at the beginning of 2022, holds a large amount of the subreddit’s community token, Moons (MOON). The news was met with enthusiasm by MOON investors.
Purchased Thousands of MOON Tokens at an Average Price of $0.40-$0.45
Reddit user Nutcase420, in a post on the CryptoCurrency subreddit, claimed that GCR bought 450,000 MOON tokens from the crypto exchange MEXC and transferred them to the Kraken exchange through Arbitrum Nova 24 hours ago. For those who are unfamiliar, Moons (MOON) is an ERC-20 token distributed as a reward for comments or posts on the CryptoCurrency subreddit.
Following Nutcase420’s post, Prithvir Jhaveri, the co-founder and CEO of Loch Research, confirmed that the deposit wallet address on Kraken (0x5D1177F01f6607628b78fB29C73C8de751B28839) is linked to GCR. In his comment on the matter, he said, “After analyzing the blockchain a bit, we were able to confirm that the mentioned Kraken wallet address is indeed associated with GCR. We found that they sent millions of ETH from an ENS address that has been verified as theirs to this wallet address. They purchased 450,000 MOON tokens at an average price of $0.40-$0.45.”
Jhaveri also added that it is not clear exactly when GCR purchased the MOON tokens.
Could Be the Catalyst for an Expected Rise in MOON’s Price
Reddit investors believe that GCR’s purchase will be the trigger for a rise in the altcoin’s price. One Reddit user commented, “This is unexpected great news. Positive Moons posts keep coming, and I don’t know how much longer I can hold without selling. What’s next? Will Moons be listed on Coinbase?”
MOON was listed on the Kraken crypto exchange earlier this week. Following the listing announcement, MOON’s price rapidly moved upwards, rising over 50%.
