A crypto trader reportedly lost around $1.13 million in funds by investing in Maker ($MKR). He lost this significant amount in less than 50 days. He bought 1,100 $MKR worth $2.91 million at $2,643 on the 17th of July 2024 and sold recently at $1,613, suffering a major loss of $1.13 million. Lookonchain, an on-chain analytics firm, shared the stats through its official X account.
Lost $1.13M in less than 50 days!
This trader bought 1,100 $MKR($2.91M) at $2,643 on July 27 and deposited it to #Biance at $1,613 5 hours ago to sell, resulting in a $1.13M loss (-40%)!https://t.co/L5iM7RjHRx pic.twitter.com/10OVuGc2ZQ
— Lookonchain (@lookonchain) September 14, 2024
Crypto Trader Faced a Loss of 40% by Selling $MKR at a Lower Price on Binance
This crypto trader has faced a major loss of 40% as he bought 1,100 $MKR at $2,643 and then deposited tokens to Binance and sold at $1,613. This made him suffer around $1.13 million in funds in less than 50 days. This is because of the sharp decline in the price value of $MKR which shows the high volatility of the crypto market.
This significant loss reminds the crypto community of the risks associated with the crypto market and how impatient and unplanned trading can lead to disaster. Keeping an eye on crypto trends can help avoid major losses. This trader lost almost 40% of his investment by deciding to sell Maker Token ($MKR) at lower prices amid high volatility and lost around $1.13M around 6 hours ago.
$MKR Plays a Key Role in the DeFi Ecosystem
Maker ($MKR) the governance Token of MakerDAO plays a key role in decentralized finance (DeFi). Just like the other cryptocurrencies, $MKR also faced price fluctuation amid the changing market trends and the investors’ sentiments. At the press time, $MKR is trading at $1,597.17 which started plummeting from $2,157.01 on 27 August 2024. To avoid further loss, this trader sold 1,100 $MKR 6 hours ago and lost around $1.13 million in funds in less than 50 days.
