June 21, 2024

Crypto Whale Sells Off $5,370,000 Worth of MakerDAO As MKR Corrects: Lookonchain

One crypto whale is attracting notice for selling millions of dollars worth of a decentralized finance (DeFi) altcoin amid a market correction.

According to blockchain tracking firm Lookonchain, one deep-pocketed investor sold their trove of MKR, the native token for the DeFi protocol Maker, within days as the asset dipped below $2,000.

“A whale dumped 2,658 MKR for 5.37 million DAI at an average price of $2,022 in [four] days. And the price of MKR has dropped by 7.6% since the whale began dumping.

The whale still holds 2,007 MKR ($3.9 million), be careful of selling again!”

Source: Lookonchain/X

Maker is trading for $1,973.71 at time of writing, up slightly in the last 24 hours.

Lookonchain also noticed that another crypto whale just scooped up large amount of the decentralized oracle network Chainlink (LINK).

“A fresh wallet withdrew a total of 424,259 LINK ($6.26 million) from Binance [on January 28th].”

Source: Lookonchain/X

LINK is trading for $15.05 at time of writing, up nearly 1.42% in the last 24 hours.

The blockchain tracking firm previously reported that one trader made huge profits buying and selling Wen (WEN), memecoin built on the Solana (SOL) network. The trader sold WEN to gain $682,000 in USDC and held on to $941,000 in unrealized profits.

“In just 14 hours, this trader made over $1.6 million trading MEME coin WEN! He spent 125,500 USDC to buy 20 billion WEN when WEN opened trading, and sold 12.5 billion WEN for 807,000 USDC, realizing a profit of 682,000. And currently holds 7.6 billion WEN ($941,000), with an unrealized profit of $941,000.”

WEN is trading for $0.000111 at time of writing, down more than 30% in the last 24 hours.

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