Anonymous

Solana

Michi

Million

April

<p>The post <a href="https://coinpedia.org/news/anonymous-investor-made-profit-of-1-24-million-in-michi-token-amidst-price-drop/">Anonymous Investor Made Profit Of $1.24 Million In Michi Token, Amidst Price Drop</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://coinpedia.org/price-analysis/solana-ecosystem-top-gainers-michi-otk-wen-daddy-like/">Michi, a meme-based token</a> on the Solana blockchain, has garnered significant attention in the crypto world, experiencing a 25% price drop from its peak of $0.1971 to $0.1482 in the last 24 hours.</p> 
<p>Lookonchain, a prominent blockchain analytics platform, pointed out that the recent plunge in Michi’s price was due to an anonymous investor dumped his massive holding.</p> 
<h2 class="wp-block-heading" id="h-1-24-million-profitable-trade-nbsp">$1.24 Million Profitable Trade&nbsp;</h2> 
<p>According to lookonchain an anonymous investor recently sold 8.6 million Michi tokens for $1.34 million USDC, marking a substantial profit of $1.24 million.&nbsp;</p> 
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   <p lang="en" dir="ltr">Someone sold 8.6M <a href="https://twitter.com/search?q=%24michi&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$michi</a> for 1.34M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a> at a price of $0.1557, making a profit of $1.24M!<br><br>He spent 578 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($103K) to buy 8.6M <a href="https://twitter.com/search?q=%24michi&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$michi</a> at $0.01186 from Apr 8 to Apr 15, worth ~$5M at the peak.<a href="https://t.co/rtM3uEC02W">https://t.co/rtM3uEC02W</a> <a href="https://t.co/X1q4mfEpWM">pic.twitter.com/X1q4mfEpWM</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1808742390959853959?ref_src=twsrc%5Etfw">July 4, 2024</a>
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<p>However, the investor initially spent 578 SOL (equivalent to $103,000) to purchase the 8.6 million Michi tokens at a price of $0.01186 per token. Meanwhile, this acquisition took place over a week, from April 8 to April 15.&nbsp;</p> 
<p>At its peak, the value of these tokens soared to approximately $5 million, highlighting the volatility and potential for profit within the cryptocurrency market.</p> 
<h2 class="wp-block-heading" id="h-michi-token-massive-fall">Michi Token Massive Fall</h2> 
<p>The sale of such a large quantity of Michi tokens has not only resulted in significant gains for the investor but has also exerted selling pressure on Michi tokens. Michi’s token crash occurred as a new Pump.fun token became one of the best-performers this year.</p> 
<p>However, the token’s crash of over 45% in recent days is partly due to his decision to sell the meme coin. This suggests he anticipates further downside for the Michi token in the coming months.</p> 
<p>As of now, the Michi token is <a href="https://www.coingecko.com/en/coins/michicoin">hovering at $0.1483</a>, reflecting a 24.7% drop in the last 24 hours. Despite this decline, trading volume has slightly surged to $22 million, with a market cap of $80 million.</p>

Anonymous Investor Made Profit Of $1.24 Million In Michi Token, Amidst Price Drop

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