A crypto trader lost $1.13 million in under 50 days after buying 1,100 Maker ($MKR) tokens at $2,643 and selling them at $1,613. On-chain analytics firm Lookonchain shared the details on its official X account.
Around $1.13 million in funds was allegedly lost by a crypto trader who invested in Maker ($MKR). In less than 50 days, he lost this substantial sum.
He acquired 1,100 $MKR, which was valued at $2.91 million, at $2,643 on July 17, 2024, and sold it recently at $1,613, resulting in a substantial loss of $1.13 million. The statistics were disseminated by Lookonchain, an on-chain analytics firm, via its official X account.
Crypto Trader experienced 40% Loss when sold $MKR at a Reduced Price on Binance
The crypto merchant has experienced a substantial 40% loss as a result of purchasing 1,100 $MKR at $2,643 and subsequently depositing the tokens to Binance before selling them at $1,613.
This resulted in a loss of approximately $1.13 million in funds within a mere 50 days. This is due to the significant decrease in the price of $MKR, which demonstrates the high volatility of the crypto market.
The crypto community is reminded of the risks associated with the crypto market and the potential for disaster as a result of impatient and unplanned trading, as evidenced by this substantial loss.
By monitoring cryptocurrency trends, it is possible to prevent substantial losses. In the midst of high volatility, this trader lost approximately $1.13M and nearly 40% of his investment by selling Maker Token ($MKR) at lower prices approximately six hours ago.
$MKR Significantly Influences the DeFi Ecosystem
The governance Token of MakerDAO, Maker ($MKR), is a critical component of decentralized finance (DeFi). $MKR, like other cryptocurrencies, experienced price fluctuations in response to fluctuating market trends and investor sentiments.
At the time of publication, the price of $MKR is $1,597.17, a significant decline from its previous high of $2,157.01 on August 27, 2024. This trader sold 1,100 $MKR six hours ago in order to prevent additional losses, resulting in a loss of approximately $1.13 million in funds in less than 50 days.
