The fluctuations in the cryptocurrency market continue unabated. Following the U.S. Federal Reserve’s interest rate decision, Bitcoin‘s rise led to double-digit increases for many altcoins. One of the altcoins experiencing these increases was Multibit (MUBI), but on-chain data officially signals an alarm for MUBI.
According to data provided by the on-chain data platform Spot On Chain, in the last 24 hours, MUBI’s price increase reached 77%. The platform issued a high-profit warning for the rising altcoin due to the BRC-20 trend.
Current data shows that 11 significant wallet addresses holding MUBI outside of cryptocurrency exchanges have unrealized profits of $9.3 million. The most striking aspect of these wallet addresses is that they started accumulating the altcoin about a month before the price sharply increased.
These data might well be considered an alarm for MUBI. The main reason is the high probability that the mentioned wallet addresses may start to realize their profits. Indeed, following a 77% increase and the price crossing the $0.24 limit, the altcoin quickly reversed direction. MUBI, which lost about 50% of its gains, is now trading at $0.20.
Profit realization refers to a situation where an investor converts the gains in asset values into cash. As in the case of MUBI, an investor’s assets can consist of various financial assets whose value can change over time. For an investor, profit realization represents the increase in value of these assets over a certain period.