Token

Michi

April

when

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-profit-taking-causes-michi-token-price-drop/" data-wpel-link="internal">Investor’s Profit-Taking Causes Michi Token Price Drop</a><br></p>
<p style="text-align: justify">The <a href="https://en.coin-turk.com/what-will-the-feds-decision-reveal/" data-wpel-link="internal">cryptocurrency market</a> 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.</p> 
<h2 style="text-align: justify" id="price-dropped-as-investor-took-profit">Price Dropped as Investor Took Profit</h2> 
<p style="text-align: justify">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.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-367861 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/michi.png" alt="" width="495" height="513"></p> 
<p style="text-align: justify">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.</p> 
<h2 style="text-align: justify" id="large-sales-affected-the-market">Large Sales Affected the Market</h2> 
<p style="text-align: justify">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.</p> 
<p style="text-align: justify">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.</p> 
<p style="text-align: justify">This investor story surrounding Michi once again highlights the inherent risks and rewards in the cryptocurrency market. Large transactions by influential <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> 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.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/investors-profit-taking-causes-michi-token-price-drop/" data-wpel-link="internal">Investor’s Profit-Taking Causes Michi Token Price Drop</a></h5>

Investor’s Profit-Taking Causes Michi Token Price Drop

Table of Contents

COINTURK NEWS

Other articles published on Jul 4, 2024

Mega Dice hits $1.5M milestone in presale and launches staking

KuCoin to start collecting 7.5% tax on crypto transactions in Nigeria from next week

🗒 Daily Newsletter | Thursday, July 04th, 2024

MetaMask Partners with Meld to Expand Global Crypto Accessibility

BlockDAG Leads Top Altcoins Toncoin and Lido DAO Token with Low Code No Code Ecosystem and 1300% ...

20 Days Post Listing: GPU-Based DePin Projects Plummet Over 50%

Join our free newsletter for daily crypto updates!