XMON Token Price Plummets After Sudoswap Lockdrop Ends

03/02/2023 13:55 • Crypto & Markets • 65 views

It is reported that, according to the data disclosed by the chain analyst Lookonchain, due to the end of Sudoswap Lockdrop, 1402 XMONs were unlocked today. The price at the time of unlocking was about $34.5 million, but the current value was only about $5 million. Due to the unlocking of the token, the price of XMON dropped 95% from $24600 to the low point of $1236, of which the loss of the giant whale yfimaxi.eth reached $1.2 million. The giant whale bought 60.8 XMON at $23112, and sold 44.5 XMON at $3119 today. By locking the XMON token yfimaxi.eth, a total of 623110 SUDOs, worth about $1.2 million, were obtained.

Data: Today’s 1402 XMON unlocks are the main reason for the 95% drop in the price of tokens, and the loss of the giant whale yfimaxi.eth reached 1.2 million US dollars

Interpretation of the news:

The crypto market was hit by a major shock recently when the end of the Sudoswap Lockdrop triggered the unlocking of 1402 XMONs. According to data released by Lookonchain, the price of XMON at the time of unlocking was roughly $34.5 million. However, the current value of the token stands at just $5 million, representing a 95% drop in value.

This significant drop in value has caused a great deal of concern amongst traders and investors alike. Many people are now wondering why such a significant drop occurred so suddenly. Some have speculated that the end of the Sudoswap Lockdrop may have played a role in this drastic price drop.

Given that the Sudoswap Lockdrop allowed participants to earn SUDOs by locking XMON tokens, it is possible that some traders and investors decided to cash out their XMONs following the end of this initiative. This could have led to a sudden influx of XMON tokens being sold, which would have led to a decrease in price.

It is also worth noting that a giant whale trader who is known as yfimaxi.eth suffered significant losses due to the price drop. This trader bought 60.8 XMONs at $23112 and later sold 44.5 XMONs at just $3119. As a result, yfimaxi.eth lost around $1.2 million.

Overall, the sudden drop in the price of XMON tokens is a clear indication that crypto markets continue to be highly volatile. While there are many factors that can impact the value of a token, traders and investors need to exercise caution and keep a close eye on market trends if they hope to make informed investment decisions, avoid losses, and maximize returns.

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