Crypto Trader Made $6M Profit With MANTRA, OM Price Pares Gains

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A trader specializing in cryptocurrencies saw an enormous earnings surge from trading MANTRA, capturing the attention of potential investors. Based on available data, this trader is said to have amassed over $6 million in profit. At the time of reporting, the Open Market (OM) price experienced a minor decline. However, a significant sell-off by an investor has fueled rumors suggesting a possible further decrease in the crypto’s value. Yet, some analysts remain optimistic, considering the current broader market conditions.

Crypto Trader Made $6M Profit With MANTRA Trading

According to a recent analysis from The Data Nerd, an on-chain analytics platform, a wallet known as ‘0xdc2’, which is classified as ‘smart money’, has moved 600K OM tokens to Binance. This transfer equates to approximately $2.53 million, based on data sourced from Arkham Intelligence.

This massive transaction by the crypto trader has caught the eyes of investors. Besides, the market participants have also shifted their focus amid the recent gains in MANTRA price. Notably, the report notes that on June 6, 2023, the smart money withdrew 1.489 million OM from the same top crypto exchange. His entry was at an average of $0.026 per token.

Currently, the whale has offloaded 600K tokens at the present price, netting a profit of approximately $2.49 million, which is about 64 times his initial investment. Furthermore, his current holdings suggest an estimated total profit of around $6.28 million, representing a return on investment (ROI) of roughly 161 times.

The substantial sale of cryptocurrency by a trader is stirring talks within the wider crypto market. Crypto traders frequently capitalize on rising prices to sell their holdings, yet this action also raises worries about a possible decline in the asset’s value in the near future. To elaborate, the significant sell-off by the investor might cause additional selling pressure on cryptocurrency, which could potentially negatively impact investors’ attitudes over the next few days.

OM Price Soars 26%

Although there was a brief decline after the large selloff by the crypto trader, the OM price has consistently moved forward in the past 24 hours. Today, the OM price increased by 26.58%, reaching $4.15, and its trading volume surged by 33% to $771.50 million.

Initially, I observed a drop in the price from its peak of $4.47 following the transfer, but the substantial increase of approximately 26% in its value suggests robust market faith in this asset. Furthermore, an almost 53% surge in MANTRA Futures Open Interest indicates potential for even more growth ahead.

It seems there’s a notable trend emerging as the market is increasingly interested in altcoins, boosted by a generally optimistic atmosphere within the broader cryptocurrency sector. To put it into perspective, while I was writing this, the total crypto market cap was rising by 1.03%, surpassing $3 trillion, which suggests growing confidence in the market.

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2024-11-18 14:28