A holder of Maker (MKR) tokens recently sold their tokens at a loss and invested in meme tokens, specifically SPX6900 (SPX) and MOG. This move was made instead of swapping their MKR tokens for the new SKY asset after Maker's rebranding. The wallet is not among the largest holders of SPX or MOG but has managed to build a portfolio valued at over $2.2 million. The profit from investing in these meme tokens is approximately $230,000. While these meme tokens are more volatile and can lead to losses, they are still trending and mentioned regularly by meme influencer Murat Mahmudov. MKR's price has been declining for months as it is phased out, currently sitting at $1,192.20 threatening to drop further. The whale sold their MKR tokens after a significant loss of more than $1 million, but the current portfolio is recovering as SPX is trading at $0.75. MOG, on the other hand, is an extremely risky asset that has the potential for significant gains, currently trading at $0.000002. Both SPX and MOG aspire to reach a $1 billion valuation, competing in the high-visibility meme token market. Despite the popularity of meme tokens, altcoins still lag behind Bitcoin in terms of performance. Meme tokens are expected to go through a super-cycle where a small selection of tokens could outperform other assets. However, they should be approached with caution as they can also lose value quickly. While MKR is being phased out and replaced by SKY, the residual vaults of Maker still hold over $4.36 billion in locked value. SKY is still in a price discovery period and is more unstable, currently trading near $0.05 with limited exchange listings. The conversion of MKR to SKY has been ongoing for about a month, with approximately 8% of the tokens swapped so far. MKR is considered oversold, but open interest is low. Most of the available SKY is traded on Uniswap V3 and V2, similar to meme tokens, and is gaining more listings on tier 1 exchanges.
- Content Editor ( cryptopolitan.com )
- 2024-10-21
Maker (MKR) whale tries to recoup losses with meme tokens