In Brief:
- Two whales could be liquidated for $229 million if ETH fell below $1,700.
- The whales pledged a total of 125,603 ETH to borrow DAI on Maker.
- ETH is currently trading at around $1,801.
Two Ethereum whales on MakerDAO are on the verge of $229 million liquidation, according to an observation shared Monday by Lookonchain.
Both whales pledged a total of 125,603 ETH to borrow DAI stablecoin on Maker. Earlier, Arkham Intelligence noted that one of the whales, who pledged $100 million (or 60,810 ETH) to borrow $75.7 million DAI, has been inactive for the past three weeks.
The liquidation price of the whales is around $1,787.75 and $1,701.54. Meanwhile, ETH is currently trading at around $1,801, which is only about 5.5% away.
Ether has been volatile over the past weeks. The price fell by more than 13% in the last seven days amid the general downtrend in the crypto market.
