A significant cryptocurrency investor has drawn attention by offloading millions in MakerDAO (MKR) tokens during a market downturn. Blockchain analytics platform Lookonchain reports the whale sold 2,658 MKR for 5.37 million DAI over four days, averaging $2,022 per token.
Key Details of the MKR Sell-Off
- Transaction Volume: 2,658 MKR ($5.37 million) sold.
- Price Impact: MKR dropped 7.6% during the sell-off.
- Remaining Holdings: Whale retains 2,007 MKR ($3.9 million), prompting caution about further sales.
At press time, MKR trades at $1,973.71, showing a slight 24-hour uptick.
Whale Activity in Chainlink (LINK)
Lookonchain also spotted another whale accumulating Chainlink:
- Purchase: 424,259 LINK ($6.26 million) withdrawn from Binance on January 28.
- Current Price: LINK is valued at $15.05, up 1.42% in 24 hours.
👉 Explore trending crypto whale movements
Memecoin Trader Secures $1.6M Profit on Solana’s WEN
A trader capitalized on the Solana-based memecoin WEN, realizing $682,000 in profits and holding $941,000 in unrealized gains:
- Trade Execution: Bought 20B WEN for 125,500 USDC, sold 12.5B WEN for 807,000 USDC.
- Current WEN Price: $0.000111 (down 30% in 24 hours).
FAQs
Q: Why did the MKR whale sell?
A: Likely profit-taking or risk management amid market volatility.
Q: Could further MKR sales impact its price?
A: Yes, the remaining 2,007 MKR holdings pose potential downward pressure if liquidated.
Q: What’s driving LINK’s whale activity?
A: Strategic accumulation, possibly anticipating price rallies or ecosystem developments.
Q: How risky is trading memecoins like WEN?
A: Extremely volatile—gains require precise timing and carry high risk.
Note: Always conduct independent research before trading. Prices and trends can change rapidly.
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