Whale Foundation Wallet Liquidation Sends KUJI Plunging 48%

IconCryptoNewsTerminal Staff01 Aug, 2024

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Whale Foundation Wallet Liquidation Sends KUJI Plunging 48%

The price of KUJI, the native token of the Cosmos-based project KUJIRA, has plummeted by 48% following the liquidation of the foundation's wallet. The foundation wallet had taken leveraged positions worth millions of dollars in an attempt to enhance liquidity on a decentralized exchange (DEX). However, these positions were liquidated due to a lack of sufficient collateral. As a result, the price of KUJI has nosedived, causing significant losses for investors. At the time of writing, KUJI is trading at $0.5006, down 48.12% according to CoinMarketCap. The sharp decline has raised concerns about the long-term viability of the project. The liquidation of the foundation's wallet is a reminder of the risks associated with leveraged trading in the cryptocurrency market. Investors should always exercise caution and conduct thorough research before engaging in such activities.

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