Cryptocurrency enthusiasts often find altcoin investing to be one of the most exciting aspects of the market.
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These investments are particularly valuable because they demonstrate the project’s growth and its important place in the crypto world. However, there is a downside to consider, as altcoin projects can experience sharp declines.
Such an incident happened today with the altcoin Mantle Network (MNT). Let's dig into the details.
Mantle Network altcoin price hits all-time high before falling
In the news I shared this morning, I highlighted a new storm brewing in the cryptocurrency market, highlighting the dazzling performance of a layer 2 (L2) blockchain solution called Mantle (MNT). MNT surged 40% in the past 24 hours to hit $1.49, a new all-time high.
Now, one company is clearly taking advantage of this rise. Global crypto investment firm Dragonfly took action today to deposit 10.5 million MNT tokens (worth $12.6 million) into cryptocurrency exchange Bybit, according to Lookonchain, which tracks the movements of whales and large institutions.
The action didn't stop there. When cryptocurrency exchange Upbit announced the listing of the MNT token, the company made another move, this time once again depositing 21 million MNT tokens worth $25.2 million into Bybit. So, what is the outcome of this situation? Let's check that too.
MNT price drops 20%
It's clear that this move is directly related to the sale. Global cryptocurrency venture fund Dragonfly sends these tokens to exchanges for sale. As a result, prices fell rapidly.
Cryptocurrency MNT fell 20%, dropping below $1.2 after a sale by popular company Dragonfly. This situation will inevitably bring losses to individual investors.
My current advice to investors is to keep a close eye on such altcoin purchases and take notes. Because when such companies buy altcoins, they are sure to sell them as soon as the price increases. Therefore, in order to avoid losses, it is crucial to keep a close eye on developments and evaluate price increases accordingly.
