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

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Michi, a meme-based token 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.

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.

$1.24 Million Profitable Trade 

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. 

Someone sold 8.6M $michi for 1.34M $USDC at a price of $0.1557, making a profit of $1.24M!

He spent 578 $SOL($103K) to buy 8.6M $michi at $0.01186 from Apr 8 to Apr 15, worth ~$5M at the peak.https://t.co/rtM3uEC02W pic.twitter.com/X1q4mfEpWM

— Lookonchain (@lookonchain) July 4, 2024

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. 

At its peak, the value of these tokens soared to approximately $5 million, highlighting the volatility and potential for profit within the cryptocurrency market.

Michi Token Massive Fall

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.

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.

As of now, the Michi token is hovering at $0.1483, 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.

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