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Crypto trader turns nearly $3M into less than $2M in 50 days
The post Crypto trader turns nearly $3M into less than $2M in 50 days appeared on BitcoinEthereumNews.com. A cryptocurrency trader lost $1.13 million in 50 days, capitulating from his MakerDAO (MKR) position after the Sky announcement. MakerDAO is one of the most popular decentralized finance (DeFi) governance protocols created to support the multi-collateralized dollar stablecoin, DAI. In a recent brief report, Lookonchain identified the potential capitulation by the Ethereum (ETH) address ‘0x3c7…‘ on September 14. The anonymous cryptocurrency trader deposited 1,100 MKR tokens into a Binance address at an exchange rate of $1,613. If truly selling at the depositing price, the trader would have gotten $1.77 million in return. However, these 1,100 MKR were priced at $2,643 on July 27 when they landed at this monitored address. According to the report, the trader turned approximately $2.91 million into $1.77 million and lost $1.13 million. 0x3c7446ba4c16e0a8b37b005340f5f566d7ab33ab MKR transaction. Source: Etherscan / Finbold MakerDAO (MKR) unusual rebranding to Sky In late August 2024, the MakerDAO announced its rebranding to Sky Ecosystem (SKY) and DAI’s rebranding to USDS. However, instead of simply renaming the token, the organization launched SKY as a new token, partially airdropped to MKR holders. SKY, the upgraded version of MKR. As the native governance token of the decentralized Sky Ecosystem, SKY will be available for MKR holders to optionally upgrade at a rate of 1 MKR to 24,000 SKY through the Sky Protocol. Learn what you can do with SKY ↓ pic.twitter.com/3k9BHToniV — Sky (@SkyEcosystem) September 10, 2024 The market received the stunt skeptically, considering it would render MKR useless once the airdrop concludes, fueling fear and uncertainties. As things developed, launching a brand new token was perceived as a short-term fundraising strategy, diluting the ecosystem’s value. Interestingly, the crypto trader, who lost $1.13 million in 50 days, purchased MKR before the rebranding, selling in response. MKR price analysis As fear lingers, the MKR token has…
The post Crypto trader turns nearly $3M into less than $2M in 50 days appeared on BitcoinEthereumNews.com.
A cryptocurrency trader lost $1.13 million in 50 days, capitulating from his MakerDAO (MKR) position after the Sky announcement. MakerDAO is one of the most popular decentralized finance (DeFi) governance protocols created to support the multi-collateralized dollar stablecoin, DAI. In a recent brief report, Lookonchain identified the potential capitulation by the Ethereum (ETH) address ‘0x3c7…‘ on September 14. The anonymous cryptocurrency trader deposited 1,100 MKR tokens into a Binance address at an exchange rate of $1,613. If truly selling at the depositing price, the trader would have gotten $1.77 million in return. However, these 1,100 MKR were priced at $2,643 on July 27 when they landed at this monitored address. According to the report, the trader turned approximately $2.91 million into $1.77 million and lost $1.13 million. 0x3c7446ba4c16e0a8b37b005340f5f566d7ab33ab MKR transaction. Source: Etherscan / Finbold MakerDAO (MKR) unusual rebranding to Sky In late August 2024, the MakerDAO announced its rebranding to Sky Ecosystem (SKY) and DAI’s rebranding to USDS. However, instead of simply renaming the token, the organization launched SKY as a new token, partially airdropped to MKR holders. SKY, the upgraded version of MKR. As the native governance token of the decentralized Sky Ecosystem, SKY will be available for MKR holders to optionally upgrade at a rate of 1 MKR to 24,000 SKY through the Sky Protocol. Learn what you can do with SKY ↓ pic.twitter.com/3k9BHToniV — Sky (@SkyEcosystem) September 10, 2024 The market received the stunt skeptically, considering it would render MKR useless once the airdrop concludes, fueling fear and uncertainties. As things developed, launching a brand new token was perceived as a short-term fundraising strategy, diluting the ecosystem’s value. Interestingly, the crypto trader, who lost $1.13 million in 50 days, purchased MKR before the rebranding, selling in response. MKR price analysis As fear lingers, the MKR token has…
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