Crypto News

Multibit Faces Sharp Over 20% Price Drop After Whales Sell Off Some Holdings

Multibit ($MUBI) experienced a significant setback after a robust week that saw its value surge by an impressive 230% in the last seven days. Despite this bullish run, the token faced a sudden downturn, plummeting by over 20% within the past 24 hours.

During the preceding week, large holders, commonly known as whales, amassed substantial quantities of $MUBI. Recent reports from Lookonchain revealed that two influential investors deployed 1.41 million $USDT to secure 5.5 million $MUBI and 38.33 $WETH (equivalent to $75.5K) for the acquisition of 10.27 million $MUBI, all within a three-day period following the token’s online debut.

Significant MUBI Whale Sell-off To Monitor

However, the tides swiftly turned as Spotonchain reported a significant whale dump, indicating that one of the early $MUBI investors is capitalizing on the recent surge in value.

The early investor, who purchased 4.5 million $MUBI at $0.017 just a month ago, is now cashing out, estimated to make a profit of around $1 million. 

It appears that they are liquidating their entire holding, contributing to an 8% drop in $MUBI’s price within the last 24 hours, Spotonchain noted.

As of the time of this writing, $MUBI has experienced a substantial decline of 20% in the past day, underscoring the impact of the notable whale sell-off on the token’s overall market performance. Investors are now closely watching the market dynamics to discern the potential consequences of this sudden shift in sentiment.

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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