Mantle Token Surges After Major Exchange Listing, Traders Cash In

The crypto space witnessed a significant price surge for Mantle (MNT) following its listing on the Upbit exchange. According to data from CoinMarketCap, the Mantle price today stands at $1.28, reflecting a 41.45% increase over the past 24 hours, with a trading volume of $727,829,760. This substantial rally has captured the attention of traders and investors, with some top  players capitalizing on the opportunity.

Exchange Deposits and Potential Gains

Lookonchain, an on-chain data analytics platform, revealed that Dragonfly Capital deposited a substantial 10.5 million MNT tokens, worth approximately $13.86 million, into the Bybit exchange after the Upbit listing announcement.

Additionally, Fenbushi Capital deposited 2.89 million MNT tokens, valued at $3.78 million and held for eight months, into Bybit just two hours ago. If sold at the current price, Fenbushi Capital would have realized a substantial gain of $2.4 million, representing a 157% profit.

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Trader Sentiment and Predictions

Daan Crypto Trades, a respected crypto trader, had previously expressed optimism about Mantle’s potential for new highs. In a tweet from yesterday, they stated, “$MNT Trying to make it’s way higher here. Overall structure looks pretty good to me, especially if it can hold on to that $0.85 horizontal level. Aiming for new highs soonish here.” Their prediction proved accurate as Mantle rallied significantly following the Upbit listing.

Today, Daan Crypto Trades celebrated the successful trade, tweeting, “$MNT That one aged well. New highs soon turned out to be really soon On the back of the Upbit listing MNT has rallied +50% since yesterday’s tweet. We’ll take that.”

Market Dynamics and Potential Implications

The Mantle cryptocurrency’s substantial price increase can be attributed to the increased exposure and liquidity provided by its listing on the Upbit exchange. However, it is crucial to exercise caution and conduct thorough research before making any investment decisions. The cryptocurrency market is known for its volatility, and past performance does not necessarily guarantee future results.

As the crypto community closely monitors the developments surrounding Mantle, it remains to be seen whether this bullish momentum will continue or if a correction is on the horizon. 

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Samuel Munene
Samuel Munene

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