The cryptocurrency market is known for its volatility and unpredictability, but some traders seem quite adept at making bad decisions.
According to on-chain data, two crypto whales suffered huge losses in their moves to accumulate more altcoins.
The first whale, identified by wallet address 0xd60d, amassed 2,000 Maker (MKR) tokens ($1.83 million) from Binance on March 7, 2023, at the highest price of $915.
Whale then bought another 2,200 MKR tokens from Binance at $623 ($1.37 million) 26 hours ago, lowering the average purchase price to $762 (-16.7%). However, the MKR price dropped to $610 at the time of this writing, resulting in an unrealized loss of $549,900 for the whale.
The second whale, known by its ENS name molesy.eth, traded 135,000 USD Coin (USDC) for 202.6K Synthetix Network Token (SYN) 10 hours ago at $0.67.
This whale completed 10 trading cycles in the past year and has been trading SYN for a long time. However, the whale lost more than it earned in these transactions, with the biggest loss being -606,000 dollars in the 83 days from March to June 2022.
The biggest gain was +121k in 90 days from November 2022 to February 2023.
The current SYN price is $0.62, meaning the whale has a realized loss of $737,000 from its last trade.
*Not investment advice.