In the world of cryptocurrencies, from time to time, we come across investors with big losses. Because it is not always possible to make a profit. Accordingly, now an investor has exchanged a significant amount of coins he has staked. However, there is an important detail here. The trader has sold at a loss.
Big loss in crypto
Famous crypto trader 9x9x9, known for his @9x9x9eth account on Twitter, surprisingly faced significant losses in his recent SushiSwap trades. According to blockchain analytics platform Lookonchain, 9x9x9 unstakes a significant amount of cryptocurrency SUSHI just an hour ago. He also bought 2.46 million SUSHI worth $2.12 million.
9x9x9(@9x9x9eth) unstaked $SUSHI and received 2.46M $SUSHI ($2.12M) 1 hr ago.
In 2021 and 2022, he withdrew 1.28M $SUSHI ($9.6M) from #Binance and spend 3,160 $ETH ($11.04M) to buy 900K $SUSHI, the average buying price is ~$9.46.
At current prices, he has lost ~$18.5M. pic.twitter.com/ssiQkaUlHn
— Lookonchain (@lookonchain) June 4, 2023
However, this latest case of SushiSwap ownership reveals an interesting sequel. It seems to be overshadowed by the significant losses 9x9x9 suffered in previous trades. There is information that the investor has withdrawn 1.28 million SUSHI (worth approximately $9.6 million) from the leading cryptocurrency exchange Binance in both 2021 and 2022. Also, 9x9x9 spent a significant amount of 3,160 ETH, or $11.04 million, to purchase 900,000 SUSHI tokens during this time. The average purchase price of these tokens was about $9.46.
He melted his investments
Unfortunately, the current market conditions for 9x9x9 seem to have seriously damaged their investments. At current prices, the investor will incur a loss of approximately $18.5 million. In a recent tweet, @9x9x9eth explained the actual loss when all their purchases from centralized exchanges (CEX) are taken into account. The loss is over $30 million.
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 demonstrate the inherent volatility and unpredictability of the cryptocurrency market. Despite the investor’s previous earnings and successful trades, the recent downturn has eroded a significant portion of their investments.
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. It is also subject to price fluctuations based on sentiment. Investors are aware of the risks associated with these digital assets. However, volatility can sometimes catch even the most experienced traders off guard. It is a matter of curiosity how 9x9x9 will respond to these important losses. It is also unclear whether he will take any measures to regain his investments. As the cryptocurrency market continues to evolve, investors should approach it with caution. As Cryptokoin.com has repeatedly emphasized, it should conduct a comprehensive research. It should also consider potential risks before allocating significant funds.
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