Sudoswap Lockdrop Ends Resulting in a Drastic Decrease in XMON Price

03/02/2023 13:55 • Blockchain Buzz • 153 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

Interpret the above information:

According to a report released by Lookonchain, an analyst for blockchain technology, 1402 XMONs were unlocked due to Sudoswap Lockdrop’s end. The price at the time of unlocking was around $34.5 million, but the current value has gone down to a whopping $5 million. The unlocking of the token resulted in a 95% reduction in the price of XMON from $24600 to a low point of $1236. The giant whale yfimaxi.eth incurred a loss of $1.2 million. The enormous whale purchased 60.8 XMON at $23112 and sold 44.5 XMON at $3119 today. Yfimaxi.eth received 623110 SUDOs, worth about $1.2 million by locking the XMON token.

The report by Lookonchain gives us clear insight into the volatile nature of cryptocurrencies. Sudoswap Lockdrop, which is a reward program for liquidity provider deposits in Sudo Swap, not only provided a platform to earn substantial returns but also resulted in heavy losses. The unlocking of 1402 XMONs had a tremendous impact on the token’s value, causing the price to drop drastically.

It’s essential to note that the risks associated with investing in cryptocurrency cannot be overstated. Yfimaxi.eth, the giant whale, suffered a loss of $1.2 million, which is a clear indication of how unpredictable the market is. The increased volatility of tokens, coupled with the impact of significant players like whales, result in prices rising or dropping dramatically.

Lookonchain’s report is a stark reminder that cryptocurrencies carry risk, and investors should do their proper research before investing. There’s a need to employ a level of caution as the volatility of cryptocurrencies can lead to significant losses in a short period.

Keywords such as Lookonchain, XMON, and Sudoswap are crucial to understand the situation’s context, while keywords such as Lockdrop and Whale highlight critical players in the events’ proceedings.

In conclusion, the report by Lookonchain is a lesson on how unpredictable investments in cryptocurrencies are. Always exercise caution when investing as the market’s volatile nature can result in substantial losses.

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