Crypto Whale Sells Millions of Dollars Worth of MakerDAO as MKR Corrects
A prominent cryptocurrency investor has caught attention for selling a significant amount of a decentralized finance (DeFi) altcoin during a market correction. Lookonchain, a blockchain tracking firm, reported that the investor sold their stash of MKR, the native token for the DeFi protocol Maker, as the asset dropped below $2,000. In just four days, the investor sold 2,658 MKR for 5.37 million DAI at an average price of $2,022. The price of MKR has since fallen by 7.6%. However, the whale still holds 2,007 MKR valued at $3.9 million.
Another Crypto Whale Accumulates Chainlink (LINK)
Lookonchain also identified another crypto whale who recently acquired a large amount of Chainlink (LINK). A fresh wallet withdrew 424,259 LINK ($6.26 million) from Binance on January 28th. Currently trading at $15.05, LINK has seen a nearly 1.42% increase in the last 24 hours.
Huge Profits Made from Trading Wen (WEN) Memecoin
Previously, Lookonchain reported on a trader who earned substantial profits by trading the memecoin Wen (WEN) on the Solana (SOL) network. The trader sold WEN, making $682,000 in USDC and holding onto $941,000 in unrealized profits. Despite this success, WEN is currently trading at $0.000111, experiencing a more than 30% decrease in the last 24 hours.
Hot Take: Crypto Whale Sells Off MakerDAO Amid Market Correction
A crypto whale recently made waves by selling millions of dollars worth of MakerDAO’s native token, MKR, as the market experienced a correction. Selling their stash within days as the price dipped below $2,000, this investor offloaded 2,658 MKR for 5.37 million DAI at an average price of $2,022. Since then, the price of MKR has dropped by 7.6%. However, the whale still holds a significant amount of MKR valued at $3.9 million. This move showcases the potential impact of large-scale investors on DeFi projects and highlights the importance of monitoring whale activities in the crypto space.
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