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<p>Over the last 24 hours, MUBI, the native token to the Multibit cross-chain bridge, has erupted over 48% alongside a 100% spike in trading volume. Fuelling the vertical move which has started a few weeks ago, analysts highlight a series of recent utility expansions making MUBI more appealing for investors.</p>
<p>Recently, <a href="https://twitter.com/Multibit_Bridge" target="_blank" rel="noopener noreferrer nofollow">Multibit unveiled</a> an explorer for monitoring bridge transactions, a revamped project listing process requiring MUBI staking, and a delegation incentive program over the past two weeks. These upgrades aim to expand use-cases for the token.</p>
<p>With the protocol now boasting over $472 million in monthly transfer volume as the third-largest third-party bridge, <a href="https://twitter.com/hmalviya9/status/1735530573584859518?t=z2VyOoA7ZHYgFcDEuYSjIw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">per analyst Hitesh Malviya,</a> rampant speculation in the upgraded MUBI token now appears underway. Prices have detached from intrinsic value, riding instead on hype and future potential.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="517" src="https://captainaltcoin.com/wp-content/uploads/2023/12/image-431-1024x517.png" alt="" class="wp-image-399498" srcset="https://captainaltcoin.com/wp-content/uploads/2023/12/image-431-1024x517.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-431-300x151.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-431-767x387.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-431-1536x775.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-431-2048x1033.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-431-297x150.png 297w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-431-100x50.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-431-694x350.png 694w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-431-788x397.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-431.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p><strong>Over $9 Million in Unrealized Profit</strong></p>
<p>According to <a href="https://twitter.com/spotonchain/status/1735526244413055151?t=gsViZV4ZrddSAmLs58BGfQ&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">on-chain analytics provider Spot On Chain</a>, MUBI’s 11 largest holders excluding exchanges have accumulated over $10 million worth of the token. As prices exploded 76% higher over the past day, these major investors now hold a collective $9.3 million in unrealized profit.</p>
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<p>Spot On Chain notes these holders began accumulating approximately one month prior to the vertical ascent, suggesting prescient conviction in the token’s prospects. Now with their MUBI allocations multiples more valuable, the potential for profit-taking looms.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="702" src="https://captainaltcoin.com/wp-content/uploads/2023/12/image-432-1024x702.png" alt="" class="wp-image-399506" srcset="https://captainaltcoin.com/wp-content/uploads/2023/12/image-432-1024x702.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-432-300x206.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-432-767x526.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-432-1536x1053.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-432-2048x1404.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-432-219x150.png 219w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-432-100x69.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-432-511x350.png 511w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-432-788x540.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-432.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>As major investors lock in gains, significant selling pressure could stall the parabolic climb. Despite the positive developments fundamentally, speculation has carried prices beyond reasonable levels given the protocol’s current scale. Once the frenzy subsides, gravity could reassert itself.</p>
<p>Nonetheless, building utility and soaring usage underpin a constructive long-term outlook for Multibridge. While the crucial $10 million threshold may cap the token’s near-term ascent, expanding volume and staking participation point to ongoing value capture over the strategic horizon. Once speculators shift focus, true believers can reorient towards the project’s strengths.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-multibits-mubi-surging-whales-9-million-unrealized-profit-suggests-price-could-retrace-soon/" rel="noopener noreferrer nofollow">Why Is MultiBit’s MUBI Surging? Whales +$9 Million Unrealized Profit Suggests Price Could Retrace Soon</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is MultiBit’s MUBI Surging? Whales +$9 Million Unrealized Profit Suggests Price Could Retrace Soon

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