For cryptocurrency enthusiasts, investing in altcoins can be an exciting venture in the market. These investments serve as indicators of project growth and significance within the crypto industry. However, altcoin projects can also face sudden declines, as demonstrated by the recent case of Mantle Network (MNT). Let's explore the details.

Mantle Network’s Altcoin Price Journey from Highs to Lows

Recent news highlighted the remarkable performance of Mantle (MNT), a Layer 2 (L2) Blockchain solution that surged by 40%, reaching an all-time high of $1.49 within 24 hours.

It seems that global crypto investment firm Dragonfly took advantage of this surge. Depositing a substantial amount of MNT tokens valued at $12.6 million into the cryptocurrency exchange Bybit, Dragonfly made strategic moves to capitalize on the rising trend. Subsequently, another 21 million MNT tokens worth $25.2 million were deposited into Bybit following the listing of MNT tokens on the Upbit exchange.

Impact of Whale Movements on MNT Price

The actions of Dragonfly were primarily aimed at selling MNT tokens, leading to a rapid decline in price. Post Dragonfly's sale, the price of MNT plummeted by 20%, falling below $1.2 and potentially causing losses for investors.

Investors are advised to monitor such whale movements closely when investing in altcoins to mitigate potential losses. When institutions like Dragonfly make significant purchases, they are likely to sell as soon as prices surge. Therefore, keeping a close eye on these developments and analyzing price fluctuations can help investors make informed decisions.

This analysis was originally featured on COINTURK NEWS Altcoin Investments Surge and Plunge: The Case of Mantle Network