Crypto Whale Sells Off $5,370,000 Worth of MakerDAO As MKR Corrects: Lookonchain

One crypto whale is attracting notice for selling millions of dollars worth of a decentralized finance (DeFi) altcoin amid a market correction.

According to blockchain tracking firm Lookonchain, one deep-pocketed investor sold their trove of MKR, the native token for the DeFi protocol Maker, within days as the asset dipped below $2,000.

“A whale dumped 2,658 MKR for 5.37 million DAI at an average price of $2,022 in [four] days. And the price of MKR has dropped by 7.6% since the whale began dumping.

The whale still holds 2,007 MKR ($3.9 million), be careful of selling again!”

Maker is trading for $1,973.71 at time of writing, up slightly in the last 24 hours.

Lookonchain also noticed that another crypto whale just scooped up a large amount of the decentralized oracle network Chainlink (LINK).

“A fresh wallet withdrew a total of 424,259 LINK ($6.26 million) from Binance [on January 28th].”

LINK is trading for $15.05 at time of writing, up nearly 1.42% in the last 24 hours.

The blockchain tracking firm previously reported that one trader made huge profits buying and selling Wen (WEN), a memecoin built on the Solana (SOL) network. The trader sold WEN to gain $682,000 in USDC and held on to $941,000 in unrealized profits.

“In just 14 hours, this trader made over $1.6 million trading MEME coin WEN! He spent 125,500 USDC to buy 20 billion WEN when WEN opened trading, and sold 12.5 billion WEN for 807,000 USDC, realizing a profit of 682,000. And currently holds 7.6 billion WEN ($941,000), with an unrealized profit of $941,000.”

WEN is trading for $0.000111 at time of writing, down more than 30% in the last 24 hours.

Generated Image: Midjourney