Momentum (MMT) Price Dropped by 86% with Team Transfer

The cryptocurrency market was shaken by recent developments surrounding the Momentum (MMT) altcoin. Shockingly, after experiencing a tremendous increase of 1,300% in just a few hours, the price of MMT pulled back by 86%. Investors are questioning the impact of large transfers from wallets on this volatility.

On November 5th at 16:00 (UTC+8), a transfer was made from a wallet identified to be connected with the Momentum (MMT) team to the Binance exchange, amounting to approximately 45.6 million dollars worth of 38 million MMT. This transfer was conducted by the second largest wallet, which holds 18.57% of MMT's total supply.

Data presented by Suiscan shows that the major wallet transferred a total of 89.47 million MMT to 12 different addresses between November 4th at 18:41 and November 5th at 00:12. Notably, some of these addresses are linked to centralized exchanges, and the transfers coincided with the exchange listing.

Momentum (MMT) began trading on Binance at a price of 0.1 dollars. However, within the first 12 hours of trading, the price quickly rose to 4.4 dollars, achieving a 1,372% gain. Unfortunately, following a wave of selling, the price fell back to 0.67 dollars, resulting in an 86% loss.

Graph data indicates that the sudden decrease in MMT occurred simultaneously with transfers made from the team wallets. While community members assess this situation as "team sell-offs," the extreme volatility observed after the Binance listing has become a significant point of concern for investors.

Moreover, the rapid appreciation of MMT followed by such a sharp decline highlights a critical situation for investors. The cryptocurrency markets are always fraught with uncertainty, and as seen in the case of Momentum (MMT), sudden price movements can influence investment decisions. Cryptocurrency investors need to be particularly cautious regarding team activities and should closely monitor developments.