Michi, the meme-inspired cryptocurrency on the Solana blockchain, has recently made headlines for a dramatic 25% price drop. Its value plummeted from a peak of $0.1971 to $0.1482 in just 24 hours, capturing the crypto community’s attention.
What caused this sudden plunge? Was it a market correction, or something more fishy? Dive deeper to find out why Michi is making headlines and what it means for the future of this token.
Lookonchain, a leading blockchain analytics firm, revealed that this sharp decline was triggered by an anonymous investor unloading a vast amount of Michi tokens. According to Lookonchain, the investor recently sold 8.6 million Michi tokens for $1.34 million USDC, reaping a considerable profit of $1.24 million.
The investor had initially purchased these tokens for 578 SOL (around $103,000), acquiring them at $0.01186 per token. This bulk purchase occurred over a week, from April 8 to April 15. At its peak, the value of these tokens surged to approximately $5 million, illustrating the extreme volatility and profit potential within the cryptocurrency space.
The massive sale has not only yielded significant returns for the investor but also exerted considerable selling pressure on Michi tokens. This pressure coincides with the rise of a new competitor, the Pump.fun token, which has emerged as one of the year’s top performers.
The recent 45% crash in Michi’s value can be partly attributed to the investor’s decision to sell. This move suggests a bearish outlook for Michi in the near future, as the market adjusts to the influx of tokens and shifting sentiment.
As of now, Michi is trading at $0.1483, reflecting a 24.7% decline in the past 24 hours. Despite this downturn, the trading volume has seen a slight increase to $22 million, while the market cap stands at $80 million.
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Do you think meme coins like Michi have a sustainable future? Let us know.
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