Crypto trader lost more than $1 million in 50 days while trading
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Johny Smith
2024/10/16
3 mins read
Finbold researchers reported that the trader lost about $1.13 million on the market in 50 days trading the MakerDAO cryptocurrency. An anonymous user deposited 1,100 MKR tokens to a Binance address. According to the report, against the backdrop of falling quotes, this trading participant suffered significant losses.
At the end of last August, MakerDAO announced a rebranding and took the new name Sky Ecosystem. And what is noteworthy here is that the company did not rename the token. She created a new asset, which is partially distributed to existing MKR holders.
MakerDAO representatives reported that the new SKY token has become an improved version of MKR. Bidders were skeptical about this move by the company, to put it mildly. Some traders even expressed the opinion that such actions in the future will make the Maker token simply useless. Users also note that this may be part of a strategy to raise additional funds. However, this dilutes the value of the MakerDAO ecosystem.
In the context of the story with the above-mentioned trader, he acquired MKR tokens even before the rebranding. But immediately after that, he hastened to sell off his assets on a large scale. In total, over the previous 30 days, this asset lost almost 19% in price. It seems that trading participants have begun to reassess the prospects for MKR due to the emergence of a new trading instrument.
Analysts note that the token is near the very important $1,500 support area. It is critical to maintain this level to avoid further price decline. However, many experts are inclined to believe that the downward trend will most likely continue. The current history of the trader clearly demonstrates that even reliable cryptocurrencies can present not the best surprises.
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