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), confirmed Prithvir Jhaveri, co-founder and CEO of Loch Research. This speculation was first made by a Reddit post by user Nutcase420 in r/CryptoCurrency subreddit. The post cited a tweet that said 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.
Jhaveri confirmed that GCR bought 450,000 MOON tokens from the MEXC exchange and, 24 hours ago, transferred the same to the cryptocurrency exchange Kraken via Arbitrum Nova. MOON is an ERC-20 token distributed as a reward for comments or posts in the r/CryptoCurrency subreddit. It is unclear when GCR acquired MOON tokens.
Social media is hailing GCR’s supposed MOON holdings as a bullish catalyst for the token. MOON surged over 50% early this week after Kraken listed the token. This comes after GCR’s $10 million bearish bet against Terra’s LUNA cryptocurrency in early 2022, which crashed in May 2022 along with Terra’s algorithmic stablecoin UST, destroying billions in investor wealth.