A DEX Trader Faces $18.5M Loss as SushiSwap Holdings Plummet
In a surprising turn of events, renowned crypto investor 9x9x9, known by their Twitter handle @9x9x9eth, has encountered significant losses in their recent SushiSwap transactions. According to the blockchain analytics platform Lookonchain, 9x9x9 unstaked a substantial amount of SUSHI tokens and received 2.46 million SUSHI (equivalent to $2.12 million) just one hour ago.
However, this recent gain in SushiSwap holdings seems to be overshadowed by the substantial losses 9x9x9 has suffered in previous trades. The investor reportedly withdrew 1.28 million SUSHI (worth approximately $9.6 million) from the prominent cryptocurrency exchange, Binance, in both 2021 and 2022.
Additionally, 9x9x9 spent a significant amount of 3,160 ETH (equivalent to $11.04 million) to purchase 900,000 SUSHI tokens during that time period. The average buying price of these tokens was approximately $9.46.
At current prices, he has lost ~$18.5M. pic.twitter.com/ssiQkaUlHn
— Lookonchain (@lookonchain) June 4, 2023
Unfortunately for 9x9x9, the current market conditions have taken a severe toll on their investment. At present prices, it is estimated that the investor has suffered losses amounting to approximately $18.5 million.
In a recent tweet, @9x9x9eth revealed that the actual loss amounts to over $30 million when factoring in all their buys from centralized exchanges (CEX).
Actually lost 30m+ if you including all CEX buys 😂 thanks for reminding me https://t.co/AhVUGXYvES
— 9x9x9 (@9x9x9eth) June 4, 2023
These staggering losses highlight the inherent volatility and unpredictability of the cryptocurrency market. Despite the investor’s previous gains and successful trades, the recent downturn has eroded a substantial portion of their investment.
SushiSwap, a decentralized cryptocurrency exchange built on the Ethereum blockchain, has gained considerable popularity in recent years. However, like many other cryptocurrencies, its value is subject to market fluctuations and sentiment-driven price swings. Investors are well aware of the risks associated with these digital assets, but the volatility can sometimes catch even the most experienced traders off guard.
It remains to be seen how 9x9x9 will respond to these significant losses and whether they will take any measures to recover their investment. As the cryptocurrency market continues to evolve, investors should approach it with caution, conducting thorough research and considering the potential risks before committing substantial funds.
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