In 2021, Ethereum based OlympusDAO and its native token OHM exploded as the protocol onboarded new users seeking to leverage its high annual percentage yield (APY). At its peak, the price of OHM went from $330 to an all time high of $1,639, but the asset seems to be on a downward trend since October last year. Related Reading | Why This Token Thrives With A 38% Profit While Bitcoin And Ethereum Bleed According to Wu Blockchain, a OlympusDAO Whale triggered a cascade of liquidations on the protocol during today’s trading session. This led to a 44% crash in OHM’s price within an hour. At this time, the APY offered to OHM holders stood at around 190,000%. As reported by NewsBTC, OlympusDAO is an algorithmic currency protocol that was classified in 2021 as high risk, but with the potential to display a “countercyclical” price behavior by research firm Delphi Digital. In other words, OHM’s price could move against the general sentiment in the market. However, OHM seems to have been unable to meet its potential or at least seems to have failed at appreciating as the crypto market trends to the downside. OHM’s price action has been driven by early investors taking profits on their gains. User Freddie Raynolds identified the Ethereum transaction used by a “savage” OlympusDAO user to dump $11 million in OHM. The transaction caused a 25% slippage and $5 million in liquidations for this asset, as Raynolds reported via his Twitter ac...
