After receiving 20 million Moonpig tokens from high-risk trader James Wynn, Andrew Tate has transferred the entire sum to a burn address. However, the move has signaled long-term optimism for the memecoin, with MoonPig prices spiking by over 6% over the last day.
Andrew Tate Burns Moonpig Tokens As Prices Spike By 6%
Internet influencer Andrew Tate has burned 20 million Moonpig tokens valued at $750,000 in a show of support for the project. According to an X post by the project, Tate transferred 20 million Moonpig tokens to a burn address, representing 2% of the total supply.
Andrew Tate received the tokens from high-risk cryptocurrency trader James Wynn barely 24 hours ago. Tate had expressed solidarity with James Wynn following $99M in trading losses from leveraged crypto perpetual trading.
In the minutes following the burning of the tokens, Moonpig prices have surged by over 6% after a small correction. At the moment, Moonpig is trading at $0.038 while daily trading volumes have surged by 35.7% over the last day.
The surging prices have sent the Solana-based memecoin to a market capitalization of $37 million. Despite the rally, Moonpig price is still down by 69% from its all-time high of $0.124 that it set 11 days ago.
Token burns have historically triggered rallies for cryptocurrency projects as they signal long-term value while reducing supply.
James Wynn Continues To Shill The Solana-Based Memecoin
James Wynn is also stoking bullish sentiments for Moonpig after Andrew Tate burned the tokens. Taking to his X account, the high-risk trader urged traders to invest in the memecoin project.
Wynn cites several reasons in play for Moonpig’s long-term success, including the age of the project and multiple exchange listings. He adds that on-chain volume is recording impressive numbers as the community continues to grow.
“I still think $Moonpig has huge potential, gained massive traction in recent weeks,” said Wynn. “Only clear community-driven meme on Solana IMO that’s organic and not being promised the world.
Previously, Wynn shilled Moonpig to investors, reeling out a string of upsides for token holders. However, Wynn clarifies that he is an early investor holding a significant amount of Moonpig tokens, pledging to “take profit accordingly.”
James Wynn has dumped Hyperliquid while disclosing his retirement from perpetual trading amid a streak of losses. Yet, Wynn has his eyes on a “historic” single trade to net him $1 billion in profits.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: