Multibit ($MUBI), a dual-sided bridged token operating on both the BRC20 and ERC20 platforms, has experienced a significant downturn in its value over the past month. 

With losses exceeding 33% in the last 30 days and 21% in the past week, the token faces considerable downward pressure.

Today, the decline persisted in the daily chart, despite a notable increase of over 120% in the 24-hour trading volume.

Recent on-chain reports from Spotonchain shed light on a significant whale action. Whale address 0xf8a executed a massive dump of 10.27 million $MUBI tokens, equivalent to $963,000, exchanging them for 395 $ETH at an average price of $0.09369 over the past 24 hours. This sell-off triggered a sharp 24% drop in the token’s price.

Whale 0xf8a dumped 10.27M $MUBI ($963K) for 395 $ETH at $0.09369 on avg in the past 24 hours, causing the price to drop ~24%!

Notably, the whale bought 14.52M $MUBI at ~$0.292 in Dec 2023 and has sold 11.52M $MUBI at only ~$0.09681, realizing $2.25M (-66.8%) in loss.

Now still… pic.twitter.com/fwCI3LY26z

— Spot On Chain (@spotonchain) February 9, 2024

The whale’s trading history reveals a substantial loss. Having purchased 14.52 million $MUBI tokens at $0.292 in December 2023, the whale sold 11.52 million $MUBI at a significantly lower price of $0.09681, resulting in a staggering loss of $2.25 million (-66.8%). The whale currently holds 3 million $MUBI, valued at $285,000.

Despite hitting a low of $0.088 in the past 24 hours, the token has shown signs of slight recovery, with the current trading price hovering around $0.1.

The recent whale dumping activity underscores the volatility and speculative nature of the cryptocurrency market, with significant implications for Multibit’s price dynamics.

Investors and traders are closely monitoring the situation as Multibit navigates through this challenging period of price turbulence.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: kebox/123RF // Image Effects by Colorcinch

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