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Trader Who Predicted Luna's Downfall Now Holds 450K MOON Tokens
The pseudonymous GCR likely bought 450,000 of the coins at an average price of 40 cents-45 cents, Loch Research's Prithvi Jhaveri said.
Updated Aug 10, 2023, 6:17 a.m. Published Aug 9, 2023, 10:32 a.m.
Pseudonymous trader GCR, who made a $10 million bearish bet against Terra's LUNA cryptocurrency in early 2022, is holding large amounts of Reddit's community token Moons (MOON), an on-chain expert said, confirming claims made by a trending Reddit post.
The post by Reddit user Nutcase420 in r/CryptoCurrency subReddit alleges 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. Moons is an ERC-20 token distributed as a reward for comments or posts in the r/CryptoCurrency subreddit channel.
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The post cites a tweet, which says the Kraken deposit address — 0x5D1177F01f6607628b78fB29C73C8de751B28839 — is associated with GCR because it has previously received large amounts of ether (ETH) from GCR's Ethereum name service domain @GiganticRebirth: Ezekielx.eth.
We know 0x5D1177F01f6607628b78fB29C73C8de751B28839 is his Kraken Deposit because he sent millions in ETH to it from his ezekielx.eth address pic.twitter.com/ipDa0W51ma
— ray tio (@nahnah64) August 8, 2023
CoinDesk reached out to GCR on Twitter, but didn't hear back.
Meanwhile, Prithvi Jhaveri, co-founder and CEO of Loch Research, confirmed the speculation.
"After conducting a bit of on-chain analysis, we were able to confirm that this Kraken address is associated with GCR. He sent millions of ETH to it from an ENS that’s confirmed to be his Ezekielx.eth. He bought 450k MOON at an average price of 40 cents-45 cents," Jhaveri told CoinDesk, adding that it is unclear when GCR acquired MOON tokens.
Social media is hailing GCR's supposed MOON holdings as a bullish catalyst for the token. "Well this was some unexpected awesome news. The positive Moons headlines keep happening, don’t know how much more I can take. What’s next, Moons on Coinbase?," one member commented on the GCR post in the r/CryptoCurrency subreddit.
MOON surged over 50% early this week after Kraken listed the token.
Early last year, GCR shorted Terra's LUNA token for $10 million, betting against Terraform Labs CEO Do Kwon that the cryptocurrency would trade lower than $88 by March 2023. LUNA crashed in May 2022 along with Terra's algorithmic stablecoin UST, destroying billions in investor wealth.
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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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