Andrew Tate Burns James Wynn’s 20M Moonpig Tokens, Price Reacts
Highlights
- Andrew Tate has burned all 20 million Moonpig tokens received by James Wynn.
- Moonpig price has risen by 5% since the move as sentiments turn optimistic
- James Wynn continues to promote the memecoin after suffering heavy trading losses.
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.
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