Key Points
- Crypto trader loses $1.13 million in less than 50 days, transacting MKR.
- Last month, Maker rebranded as SKY.
According to on-chain data, a trader lost $1.13 million in less than 50 days, transacting Maker (MKR).
According to official data from Lookonchain, the trader bought 1,100 MKR worth over $2.9 million at a price of $2,643 on July 27.
The crypto investor deposited the coins to Binance at $1,613, five hours ago today to sell them, which resulted in a loss of $1.13 million. This translates into a 40% loss of the trader’s initial investment, according to Lookonchain.
The trader might have thought that he would be capitalizing on the rebranding of Maker to Sky in August.
Maker DAO’s SKY Rebrand
Last month, Maker DAO revealed details of its major rebrand, highlighting that as part of its Endgame overhaul, Maker will be rebranded as Sky, and its decentralized DAI stablecoin and governance token MKR will be known as USDS and SKY, respectively.
Also, users have the option to upgrade their tokens to USDS and SKY from September 18 onwards, and each MKR token can be exchanged for 24,000 SKY tokens.
What is Maker (MKR)?
Maker (MKR) is the governance token of MakerDAO decentralized organization and Maker Protocol software platform, both based on the Ethereum blockchain. This allows users to issue and manage the DAI stablecoin.
Maker is a project that was initially built in 2015 and fully launched in December 2017.
MKR tokens act as a kind of voting share for the organization that manages DAI. They do not pay dividends to holders, but they do give them voting rights over the development of Maker Protocol and were expected to appreciate in value in accordance with the success of DAI itself.
Regarding the price of MKR today, at the moment of writing this article, the coin is down by over 4% in the past 24 hours.
MKR is now trading at $1,525 and it has a market cap of over $1.4 billion.
