A smart altcoin investor successfully analyzed the changes in the Maker (MKR) market and earned more than $290,000.

According to data from blockchain analytics platform Lookonchain, an investor closed a short position for Maker (MKR) on July 19. On that date, the investor borrowed 500 MKR from the Aave platform and sold them for 1.37 million USD Coin (USDC).

Profited from Price Drop
There are two main strategies for investors looking to take a long or short position on the decentralized lending platform Aave. Those looking to take a long position can borrow USDC in exchange for ETH deposits and use that to buy more ETH, while investors taking a short position can borrow in ETH and profit if the price of ETH falls.

According to Lookonchain data, the investor spent just 1.07 million USDC to purchase the MKR needed to close his short position, earning around $292,000 with this strategy.

Is There a Trend Reversal in MKR?
According to CoinGecko data, the MKR price, which was $2,818 on July 19, fell to $1,770 as a result of the general decline in the cryptocurrency market last week. However, with the market recovery, MKR gained 7.7% in the last 24 hours and rose above $2,100.

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