Sign Up on MEXC
Highlights
- Crypto trader records an estimated profit of $6 million profit trading MANTRA.
- The trader recently dumped 600K OM tokens, booking a 64X return on investment.
- OM price surges 26.58% despite a slight dip after a massive token dump.
- MANTRA Futures Open Interest rises 53%, hinting at further price gains.
A crypto trader made a massive profit with MANTRA trading, catching the eyes of investors. According to reports, the trader has witnessed an estimated gain of more than $6 million with OM price witnessing a slight dip during writing. However, the massive dump by the investor has sparked speculations over a further dip in the crypto’s price, while many anticipate otherwise looking at the current broader market trends.
Crypto Trader Made $6M Profit With MANTRA Trading
A recent report by the on-chain analytics platform The Data Nerd showed that smart money, identified by the wallet address “0xdc2”, has deposited 600K OM tokens to Binance. The transfer was valued at around $2.53 million, according to the report citing Arkham Intelligence data.
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.
Meanwhile, the whale has sold the 600K tokens at the current price now, witnessing a profit of $2.49 million or a return of 64X. Besides, his current holdings indicate his total estimated profit at $6.28 million or a return on investment (ROI) of 161X.
This massive profit booking by the trader has discussions in the broader crypto market. Crypto investors often use the opportunity of soaring prices to book profit, but it also fuels concerns over a potential dip ahead for the asset.
For context, recently, a crypto investor has turned $1.1K into $1.82 million in just 20 days by trading two altcoins. Notably, the massive dump by the investor could spark further selling pressure on the crypto, which could potentially weigh on the investors’ sentiment in the coming days.
OM Price Soars 26%
Despite a slight dip following the massive dump by the crypto trader, it has maintained a steady momentum in the 24-hour time frame. OM price today was up 26.58% and exchanged hands at $4.15, while its trading volume rose 33% to $771.50 million.
However, the price went down from its 24-hour high of $4.47 after the transfer. Despite that, the surge of around 26% in its price indicates strong market confidence in the asset. Besides, the MANTRA Futures Open Interest also rose nearly 53%, hinting towards further gains ahead.
Notably, it appears that the market is shifting its focus towards the altcoins, amid a positive sentiment hovering in the broader crypto market. For context, the overall crypto market cap was up 1.03% during writing and soared past the $3 trillion mark, reflecting market confidence.
- Over $4 Billion in Bitcoin and Ethereum Options Expiring After US CPI
- South Korea Ends 2018 Ban on VC Investments in Crypto Firms
- Wall Street’s CPI Forecast: Expert Examines if Bitcoin Price Can Sustain Triangle Breakout?
- Avalanche Seeks $1B to Launch Treasury-Focused AVAX Firms in U.S.
- Dogecoin Leads Crypto Market Rally, Expert Sees $0.50 Target on DOGE ETF Launch
- AVAX Price Eyes $55 as Avalanche $1B Treasury Boost Gains Momentum
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
