Cryptocurrency enthusiasts often find altcoin investments to be one of the most thrilling aspects of the market. These investments are particularly valuable as they demonstrate the growth of projects and their significant place in the crypto world. However, there is also a downside to consider, as altcoin projects can experience sharp declines. Such an event occurred today with the altcoin Mantle Network (MNT). Let’s delve into the details.
Mantle Network’s Altcoin Price Hits Record High Before Falling
In the news I shared this morning, I highlighted a new storm brewing in the crypto market, emphasizing the dazzling performance of the Layer 2 (L2) Blockchain solution named Mantle (MNT). Within the last 24 hours, MNT had surged by 40%, reaching $1.49 and setting an all-time high.
Now, a company has apparently seized this rise as an opportunity. According to Lookonchain, which tracks the movements of whales and large institutions, the global crypto investment firm Dragonfly made a move today by depositing 10.5 million MNT tokens, valued at $12.6 million, into the cryptocurrency exchange Bybit.
The action didn’t stop there. When the cryptocurrency exchange Upbit announced the listing of MNT tokens, the company made another move, this time depositing 21 million MNT tokens worth $25.2 million into Bybit again. So, what was the outcome of this situation? Let’s examine that as well.
MNT Price Experiences a 20% Drop
It’s clear that the move was directly related to selling. The global crypto venture fund Dragonfly sent these tokens to the exchange to sell them. As a result, as seen in the graph above, the price quickly fell.
Following the sale by the popular company Dragonfly, the cryptocurrency MNT fell by 20%, dropping the price below $1.2. This situation could inevitably lead to losses for individual investors.
My advice to investors at this point is to closely follow these kinds of altcoin purchases and take notes. Because when such companies buy altcoins, they definitely sell them as soon as the prices rise. Therefore, to avoid losses, it’s crucial to closely follow developments and accordingly assess price increases.
