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Internet figure Andrew Tate has burned 20 million Moonpig (MOONPIG) tokens he received from crypto trader James Wynn. The move, valued at approximately $750,000, sent bullish signals across the memecoin’s community, resulting in a 6% price surge within 24 hours.
Moonpig’s official X account confirmed that the burned tokens accounted for 2% of the total supply. Following the burn, MOONPIG rose to $0.038, with a 35.7% increase in trading volume. The memecoin’s market cap now stands at $37 million.
Despite the recent rally, MOONPIG remains 69% below its all-time high of $0.124 reached just 11 days ago. Token burns often boost investor confidence by reducing the circulating supply and reinforcing long-term commitment.
Tate received the tokens from James Wynn less than 24 hours before burning them. Wynn recently admitted to suffering $99 million in trading losses from leveraged crypto strategies. Despite this, he continues to promote Moonpig to his followers.
On X, Wynn praised Moonpig’s growth, calling it “the only organic community-driven meme on Solana.” He cited rising on-chain volume and multiple exchange listings as signs of momentum. He also revealed that he holds a significant Moonpig position and plans to profit gradually.
Wynn has exited Hyperliquid and announced his retirement from perpetual trading. However, he teased one final ‘historic’ trade, aiming for a $1 billion profit.
Tate’s burn has energized Moonpig’s community and fueled speculation about the token’s future potential in the volatile memecoin market.
