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.
BNB Chain has announced a major update designed to enhance its stablecoin infrastructure by introducing gasless transactions.
Fintech giant Revolut is planning to launch its own stablecoin. Sources indicate that Revolut, which recently secured a U.K. banking license and was valued at $45 billion earlier this year, is progressing well with this initiative.
Whale activity around the Artificial Superintelligence Alliance (FET) has increased dramatically, with large transactions up 262%, as reported in IntoTheBlock data.
WalletConnect is preparing to unveil its new Connect Token (WCT) on the Optimism OP Mainnet, an Ethereum Layer 2 network.