Mantle Network’s native token, $MNT, recently reached a new all-time high of $1.484, but its price has since experienced a 14% decline today, reflecting a period of profit-taking by whales.
The surge in $MNT’s price was initially fueled by its listing on Upbit, a popular cryptocurrency exchange, which led to a remarkable 60% increase in value, culminating in an all-time high.
Affected by the listing on #Upbit, the price of $MNT increased by ~60%.#DragonflyCapital deposited 10.5M $MNT($13.86M) into #Bybit after the announcement.#FenbushiCapital deposited 2.89M $MNT($3.78M) held for 8 months into #Bybit 2 hrs ago and would have made $2.4M(+157%) if… pic.twitter.com/sJGv4k92yA
— Lookonchain (@lookonchain) March 27, 2024
Dragonfly Capital, a prominent player in the crypto space, made significant deposits of $MNT tokens onto the Bybit exchange following the Upbit listing announcement. Initially depositing 10.5 million $MNT ($13.86 million), Dragonfly later added another 10.5 million $MNT ($12.6 million) to Bybit.
This influx of 21 million $MNT ($25.2 million) into Bybit coincided with the Upbit listing and contributed to the price surge. Additionally, Dragonfly deposited 13.4 million $MNT ($13 million) to Bybit between March 14th and March 17th, which coincided with a subsequent drop in the price of $MNT by approximately 23%.
Another Institutional Investor Looks To Get Profits Once He Sells His $MNT Hold
Fenbushi Capital, another notable investor, recently deposited 2.89 million $MNT ($3.78 million) into Bybit after holding the tokens for eight months. If sold immediately, Fenbushi Capital would have realized a profit of $2.4 million, representing a remarkable gain of 157%.
Dragonfly deposited another 10.5M $MNT($12.6M) to #Bybit.
He has deposited 21M $MNT($25.2M) to #Bybit after #Upbit announced the listing.
He also deposited 13.4M $MNT($13M) to #Bybit from Mar 14 to Mar 17, causing the price of $MNT to drop by ~23%.https://t.co/NxooowhSEj pic.twitter.com/dB49vGJ54Z
— Lookonchain (@lookonchain) March 28, 2024
Despite the recent volatility and profit-taking activities by whales, $MNT remains a significant player in the cryptocurrency market. Its price decline of 14% over the past 24 hours underscores the inherent volatility in the crypto space and highlights the impact of large-scale transactions on token prices.
As the market continues to evolve, investors and traders will closely monitor developments within the Mantle Network ecosystem, paying particular attention to whale activity and its impact on $MNT’s price trajectory.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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