Market shock! Traders quickly switched to GME after losing 1.06 million, MEW encountered selling pressure
The digital currency market is changing rapidly, and traders urgently changed positions after huge losses
According to reports, the digital currency market has been in turmoil again recently. According to Lookonchain's precise monitoring data, a trader made an amazing decision in just 9 hours-exchanging all 206.91 million MEW tokens (then the market value was about 704,000 US dollars) he held for 55.8 million GME tokens.
Key point 1: Huge losses
The trader's trading history shows that he bought this batch of MEW tokens at a high price on April 2 and 3 this year. He spent 9,556 SOL (then the market value was about 1.76 million US dollars) and bought these 206.91 million MEW tokens at a price of 0.008544 US dollars per token. However, due to changes in the market environment and the price fluctuations of MEW tokens, the trader suffered huge book losses in a short period of time, with the amount of losses reaching 1.06 million US dollars.
Focus 2: Emergency position change
Faced with such heavy losses, the trader responded quickly. Instead of continuing to hold MEW tokens, he chose to urgently change positions, selling them all and exchanging them for GME tokens. This move undoubtedly shows his keen insight into the market and decisive decision-making ability. He may have analyzed market trends and believed that GME tokens have greater potential and better prospects.
Focus 3: Market impact
This position change behavior undoubtedly had a certain impact on the market. On the one hand, it may cause the price of MEW tokens to fall further, because a large amount of selling pressure will suppress its price. On the other hand, it may also bring certain upward momentum to GME tokens, because a large amount of capital inflows may drive its price up.
