Crypto Whale Exits Market After Major Loss on Maker Investment

Recent onchain data revealed that a major cryptocurrency investor, often referred to as a "whale," has taken a significant financial hit on an altcoin investment and fully exited the market.

The whale in question purchased 1,100 Maker (MKR) tokens on July 27, paying an average price of $2,643 per token, for a total investment of $2.91 million.

Unfortunately, this investment did not pay off. According to the data, the whale sold off all of his MKR holdings on Binance at an average price of $1,613, resulting in a loss of $1.13 million.

In just 50 days, the whale saw 40% of their investment disappear before deciding to exit the market entirely.

MKR has been hit harder than many other cryptocurrencies over the past month, as the decentralized finance platform Maker considered halting the issuance of DAI in exchange for Wrapped Bitcoin (WBTC).

Rumors also circulated that WBTC could eventually end up under the control of Tron founder Justin Sun.