Upbit Listing Causes Altcoin Price to Soar, But Plummets with Corporate Selling!

Crypto exchange Upbit’s listing of altcoin sparked action by corporate whales. On March 27, Upbit listed Mantle (MNT), causing the price to surge by around 60%. According to on-chain analysis platform Lookonchain, corporate whales Dragonfly Capital and Fenbushi Capital acted shortly after the surge. Data revealed that Dragonfly Capital deposited 21 million MNT worth $25.2 million to Upbit. Fenbushi Capital also deposited 2.89 million MNT worth $3.78 million to Biybit after holding for 8 months, resulting in profits exceeding $2.4 million. According to CoinGecko, MNT has seen a 41% increase in the past week and is currently trading at $1.21.