A crypto trader has made a huge profit trading MANTRA (OM), which has attracted the attention of investors. According to reports, the trader made a profit of around $6 million at a time when the price of OM was slightly down at the time of writing. However, the massive sell-off by the investor has led to speculations that the price of the cryptocurrency will fall further. However, market analysts are noting that instead of a price drop, they are expecting a rally based on current trends.$OM
According to a report published by on-chain analytics platform The Data Nerd, a smart money identified with the wallet address "0xdc2" transferred 600 thousand OM tokens to Binance. This transaction, based on Arkham Intelligence data, was worth approximately $2.53 million. This large transaction by the crypto trader attracted the attention of investors. In addition, the report states that the same smart money withdrew 1.489 million OM tokens from Binance on June 6, 2023. At that time, the average per token was $0.026.
With this massive sale, the trader made a profit of $2.49 million by selling 600,000 tokens at the current price, generating a return of approximately 64 times. Together with his existing tokens, his total estimated profit reached $6.28 million, and the return on investment (ROI) was recorded as 161 times. This massive profit realization has sparked widespread discussions in the crypto market. Crypto investors usually book profits when prices rise, but this can also fuel concerns about the asset’s future price decline. Investors believe that such massive sales could put more pressure on the market, which could negatively impact investor confidence.
After the trader’s big sell-off, the OM price briefly dropped, but it made a strong recovery in the 24-hour period. The OM price increased by 26.58% to $4.15. The trading volume increased by 33% to $771.5 million. However, the price pulled back from its 24-hour peak of $4.47 immediately after the transfer. Still, the nearly 26% increase in its price indicates strong market confidence in the asset. Furthermore, MANTRA Futures open interest increased by almost 53%, reinforcing future earnings expectations. These developments indicate increasing interest in altcoins in the market and a generally positive sentiment in the crypto market.
At the time of writing, the overall crypto market cap has increased by 1.03%, passing the $3 trillion mark. This shows that market confidence is increasing and investors are still interested in crypto assets. In particular, while there is an optimistic atmosphere in the crypto world, interest in altcoin projects has also increased.
