Trader Who Placed $10 Million Bet Against LUNA Loading Up Reddit’s Moons

Dalmas Ngetich

1 year ago

2 mins read

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In a new development, a trader who placed a substantial $10 million bet against LUNA in May 2022 before the then native currency and UST—the algorithmic stablecoin, collapsed is now setting his sight on Reddit Moons. Going by the moniker “GCR,” on-chain data on August 8 showed the trader moved 450,000 MOON from MEXC Exchange to Kraken.

Moons Rallying

Moons, the ERC-20 token associated with the r/CryptoCurrency forum on Reddit, is firm and on an uptrend, looking at current price action. At spot rates, the token is up 400% from late July and changing hands at $0.47, hovering near 2023 highs.

Based on price action from MEXC trade data, the immediate resistance level is at $0.65, which was printed in late July 2023. However, with the revival currently visible across the crypto market, prices will likely continue increasing. To illustrate, Moons is already up 90% in August alone, rebounding from $0.25 and surging to spot rates.

MOON price on August 8 after Moons listing on Kraken| Source: MOONUSDT on Binance, TradingView — MOON price on August 8| Source: MOONUSDT on Binance, TradingView

Several factors are believed to be fanning demand. One of these is the influence of traders like GCR, who are acquiring Moons and potentially improving sentiment on altcoins considering the recent lower lows recorded in the better part of July.

However, looking at how MOON prices reacted after Kraken’s listing on August 7, the community appears more buoyant and confident of improving liquidity.

Kraken Listing

As trackers reveal, before the Kraken listing, most Moons trading activity was concentrated on MEXC Exchange. On August 7, Kraken announced its listing of Moons alongside Bricks (BRICK). Alongside the announcement, Kraken said users could deposit MOON and BRICK from the Arbitrum Nova network.

Moons and Bricks are also available for trading on Kraken and Kraken Pro accounts. From Kraken Pro, clients can trade MOON and BRICK perpetual derivatives.

MOON has been described as a “community-driven” token since its launch in May 2020. Within the r/CryptoCurrency subreddit, it serves multiple functions, including rewarding users who contribute positively.

Reddit said Moons’ holders can access premium features, including badges and custom emojis, and tip fellow community members. Moreover, holding Moons grants voting power in subreddit polls, affording holders a say in shaping the subreddit’s future.

Arbitrum data on August 8 shows over 121 million Moons in circulation. Out of this, more than 206,000 holders have generated over 670,000 transfers. All Moons are stored on Vault, the mobile-based wallet launched in 2022.

Feature image from Canva, chart from TradingView

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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