Michi Token's Price Plummeted 25%, Falling from $0.1971 to $0.1482 in 24 Hours

Investor sold 8.6 million Michi tokens for $1.34 million USDC, profiting $1.24 million. Michi trades at $0.1483, down 24.7%, with $22 million volume and $80 million market cap.

A meme-based token on the Solana blockchain, Michi has garnered significant attention in the crypto world. However, the token has experienced a 25% price drop from its peak of $0.1971 to $0.1482 in the last 24 hours.

According to blockchain analytics platform Lookonchain, the recent plunge in Michi’s price can be attributed to an anonymous investor dumping his massive holding.

As reported by Lookonchain, the anonymous investor sold 8.6 million Michi tokens for $1.34 million USDC, marking a substantial profit from the trade.

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.

The investor initially spent 578 SOL (roughly $103,000) to acquire the 8.6 million Michi tokens at a price of $0.01186 per token. Notably, this acquisition took place over a week, spanning from April 8 to April 15.

At its peak, these tokens were valued at approximately $5 million, highlighting the volatility and potential for profit within the cryptocurrency market.

The sale of such a large quantity of Michi tokens has not only resulted in significant gains for the investor but has also applied selling pressure on Michi tokens.

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.