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The cryptocurrency market is known for sudden price fluctuations. Accordingly, the meme-based cryptocurrency Michi token on the Solana Blockchain has once again proven this feature with recent events. In the last 24 hours, the price of Michi token dropped by 25%, falling from $0.1971 to $0.1482. This dramatic drop drew attention when the Blockchain analysis platform Lookonchain reported a large transaction by an anonymous investor.
Price Dropped as Investor Took Profit
This anonymous investor sold 8.6 million Michi tokens and received 1.34 million USDC (USD Coin). This transaction resulted in an impressive profit of $1.24 million for the investor. Initially purchased for 578 SOL, these tokens had cost the investor $103,000.
This purchase took place over a week from April 8 to April 15, with each token bought at an average price of $0.01186. At its peak, the value of these tokens reached approximately $5 million, demonstrating significant profit potential in the cryptocurrency market.
Large Sales Affected the Market
This large sale created significant selling pressure on Michi’s price, contributing to the decline. The timing of the investor’s sale coincided with the rise of Pump.fun, one of the best-performing tokens this year. This suggests that the investor expected further declines in Michi token’s price.
As of now, Michi is trading at $0.1483, a 24.7% drop in the last 24 hours. Despite this sharp decline, Michi’s trading volume slightly increased to $22 million, and its market cap reached $80 million.
This investor story surrounding Michi once again highlights the inherent risks and rewards in the cryptocurrency market. Large transactions by influential investors can significantly impact a token’s price, leading to rapid gains or losses. Ultimately, for this investor, the decision to sell Michi assets resulted in a substantial profit, but for other investors, the sharp decline in token value may have led to significant losses.
