- Trader GCR, known for his bearish bet on Luna, now has a massive cache of 450,000 MOON tokens.
- Confirmation of GCR’s MOON holdings sends the crypto community into a frenzy.
GCR’s Unexpected MOON Move: The Details
The crypto community never shies away from a good detective story. Pseudonymous trader GCR, who once wagered $10 million anticipating Terra’s LUNA cryptocurrency’s decline, is back in the limelight, but for a very different reason. This time, it’s about MOONs – the reward tokens associated with Reddit’s r/CryptoCurrency subreddit.
The story started gaining traction when a Reddit post by user Nutcase420 claimed GCR acquired 450,000 MOON tokens via the MEXC exchange. These tokens, the post alleged, were moved to the prominent cryptocurrency exchange, Kraken, through Arbitrum Nova.
How Reliable is This Claim?
Evidence underpinning this claim traces back to a tweet pinpointing a Kraken deposit address. This address, purportedly, has had previous transactions involving substantial Ether (ETH) quantities directly from GCR’s Ethereum name service domain, known as @GiganticRebirth: Ezekielx.eth.
When CoinDesk reached out to Prithvi Jhaveri, the brains behind Loch Research, he substantiated these claims. Jhaveri, drawing from his on-chain analysis, stated, “This Kraken address is indeed linked with GCR. Historical transactions showcase millions of ETH coming from his confirmed ENS – Ezekielx.eth.” He further detailed that the acquired MOON tokens were likely bought at a price range of 40 to 45 cents each. However, the timeline of this purchase remains uncertain.
This revelation is making waves across social media platforms, with many speculating GCR’s sizeable MOON holding as a bullish sign for the token. Comments like “What’s next, Moons on Coinbase?” underscore the excitement within the community. Notably, MOON experienced a 50% uptick earlier this week, coinciding with its listing on Kraken.
It’s imperative to consider GCR’s history in this context. Last year, this mysterious trader notably shorted Terra’s LUNA token for a whopping $10 million, in a head-to-head bet with Terraform Labs’ CEO Do Kwon. GCR’s prediction was spot on, as LUNA nosedived in May 2022, accompanying the downfall of Terra’s algorithmic stablecoin UST, leading to multi-billion losses for investors.