Investor Sells Michi Tokens for Profit.

In a dramatic turn of events, the meme- based cryptocurrency Michi token on the S olana Blockchain experienced a significant price drop, plummeting 25% from $0.1971 to $0.1482 in the last 24 hours. This sudden decline was triggered by a substantial transaction reported by Blockchain analysis platform Lookonchain, where an anonymous investor sold a large amount of Michi tokens.

What Triggered the Price Drop?

The anonymous investor offloaded 8.6 million Michi tokens, receiving 1.34 million USDC (USD Coin) in return. The transaction yielded a remarkable profit of $1.24 million for the investor, who initially acquired the tokens for 578 SOL, amounting to $103,000. This purchase occurred over a week from April 8 to April 15, at an average token price of $0.01186.

How Did the Market React?

The massive sale induced substantial selling pressure on Michi's price, causing the significant drop. Coincidentally, the sale happened as Pump.fun, a high- performing token this year, was rising. This implies that the investor anticipated a further decline in Michi's price. Currently, Michi is trading at $0.1483, marking a 24.7% drop in the past 24 hours, with trading volume increasing slightly to $22 million and market cap at $80 million.