Following the Federal Reserve’s interest rate decision, Bitcoin‘s upward movement led to double-digit increases in many altcoins. One of these altcoins, Multibit (MUBI), is attracting attention with its price increase, while on-chain data is sounding alarms for MUBI.
According to the on-chain data platform Spot On Chain, MUBI’s price increase reached 77% in the last 24 hours. The platform issued a high profit warning for this rising altcoin due to the BRC-20 trend.
Currently, according to the data, the unrealized profits for MUBI held in the largest 11 wallet addresses outside of cryptocurrency exchanges amount to $9.3 million. The most striking feature of these wallet addresses is that they started accumulating the altcoin about a month before the price sharply increased.
In light of this data, it would not be wrong to say that the alarms are ringing for MUBI. The main reason for this is the high possibility of these wallet addresses starting to realize profits. Indeed, after a 77% increase and the price passing $0.24, the altcoin quickly turned its direction downwards.
Profit realization is a financial term that refers to an investor converting the realized profits of asset values into cash. As in the case of MUBI, an investor’s assets can consist of various financial assets that may appreciate in value over time.