Pseudonymous trader GCR, known for making a bearish bet on Terra's LUNA cryptocurrency, is reported to hold 450,000 MOON tokens, according to on-chain analysis and a trending Reddit post.
According to a report published by CoinDesk, the anonymous trader GCR, who placed a $10 million bet against Terra's LUNA cryptocurrency early in 2022, is now holding a significant amount of Reddit's community token Moons (MOON). A Reddit post by user Nutcase420 and on-chain analysis by Prithvi Jhaveri, co-founder and CEO of Loch Research, confirm the claims.
GCR allegedly bought 450,000 MOON tokens from the MEXC exchange and transferred them to the cryptocurrency exchange Kraken via Arbitrum Nova within 24 hours. Moons (MOON) is an ERC-20 token distributed as a reward for comments or posts in the r/CryptoCurrency subreddit. Jhaveri states that GCR purchased the MOON tokens at an average price of 40-45 cents.
Social media has started to consider GCR's supposed MOON holdings as a bullish catalyst for the token. MOON experienced a 50% surge earlier this week after Kraken listed the token. GCR is known for shorting Terra's LUNA token for $10 million in 2022, betting that the cryptocurrency would drop below $88 by March 2023. LUNA's subsequent crash in May 2022 destroyed billions in investor wealth.