Andrew Tate Burns James Wynn’s 20M Moonpig Tokens, Price Reacts

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.