A recent report by Nansen Research highlights the massive financial results of ups and downs in the rapid price of Libra tokens. Between 14 February and 18 February, 86% of traders suffered a total loss of $ 251 million, while a few selected people acquired $ 180 million in profits.
The promotion around $ $ Libra began at the beginning when Argentina President Xavier Milli supported the token on 14 February. 22:01 Support made through a tweet on UTC triggers the immediate bounce in the price, reaching the peak at $ 4.55 before taking a rapid dip. By 18 February, 70% wallet trading was realized damage to Libra, possibly due to excessive value instability.
Earning profits between chaos
Despite widespread losses, some traders managed to earn adequate profit. On February 14, the two wallets buying Libra on UTC were sold within 43 minutes, which led to a joint increase of $ 5.4 million. A wallet, identified as Hyzgo2Made $ 5.1 million in those brief 43 minutes.
In particular, media personality Dave Portnoys were among high-profile traders who lost millions on tokens. However, Portnoy later received a return of $ 5 million from the exchange, questioning the fairness of exchange reactions for major traders.
As NansenRapid price rapid rapid rapid was attributed to Miley’s support to a large extent, which ignited a speculative trading frenzy. However, the situation worsened when the token was “rugged” by his manufacturer, Hayden Davis, which dismissed it as a meme coin, causing significant damage to many investors. Crypto.news reported that Milei also removed his tweet after backlash, stating that he was not familiar with the project details.
On-chain data indicates that many profitable traders worked quickly. Out of the 15,431 wallets which were shown more than $ 1,000 profit or disadvantage, 2,101 wallets won a total of $ 180 million in total profit. In particular, 57 wallets executed profitable trades, with more than $ 1,000 in 37 profit.
Additionally, 1,001 wallets are still holding the tokens with a total loss of about $ 11 million, while 71 wallets are in profit, although on February 18 at 8:00 pm, UTC reduced to $ 0.54 million.
Effect on Solana and broad market spirit
While the token initially increased, the 70% loss rate between trading Libra between 16 February and February 18 underlined its volatility. An significant contribution factor was the retweet of February 17, which made another value spike abbreviated before completely retreat within 24 hours.
Between the upheaval, the Solana Network, which outlined Libra, saw a 16% decline in its price, which reflects a wider market impact. The quantity of liquidity on Solana declined from $ 12.1 billion to $ 8.29 billion, showing the wave effect of Libra Fiasco.
