Is the red tip hard or soft? Can you measure the caliber of it?
I don't know much about tracer rounds, however this reminds me of a rubber tipped round used for tube fed magazine rifles. If the red tip is soft, that is probably what it is.
For a tube fed rifle magazine, the rounds are loaded into a tube with each round touching front to back like this
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The tip of each bullet in a tube fed magazine touches the back of the shell casing for the round in front of it. The rounds for tube fed magazine rifles have a blunt tip on them because if they were the typical pointed tip spitzer bullet, then the tip would be pressed in the center of the primer on the bullet in front of it. The recoil of the rifle would set off the primer of the casing in front of it causing a chain reaction and a deadly mess to the shooter.
Here is a typical tube fed rifle round... the popular 30-30. It has a blunt nose so that it does not punch the primer of the round in front of it.
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The issue is that the blunt nose makes the ballistics of the round not as favorable as a spitzer point bullet. So manufacturers like Hornady developed a rubber tipped round for tube fed rifles. This gives the bullet much better ballistics and the rubber tip is soft enough not to punch the primer of the round in front of it during recoil.
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The red tip of your bullet reminded me of this. If its a rubber tip then that is probably what it is... if hard, perhaps its a tracer round.