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.
One of the early investors of $MUBI is cashing out
➡️ He bought 4.5M $MUBI at $0.017 one month ago
➡️ Estimated profit: ~$1M
➡️ Seems to be selling all now ($MUBI price drops 8% in 24 hours)Profile link: https://t.co/uNQWPOL7Nt
Will more early holders sell $MUBI? follow us… https://t.co/ptiAGua2sz pic.twitter.com/5uAT14RdQh
— Spot On Chain (@spotonchain) December 18, 2023
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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Source: https://nulltx.com/multibit-faces-sharp-over-20-price-drop-after-whales-sell-off-some-holdings/