The price of Maker (MKR), the governance token of the MakerDAO and Maker Protocol, has experienced significant volatility in recent days, reaching a yearly high of $3.3k before retracing to $2.7k within the past 24 hours.
According to on-chain reports from Spotonchain, MakerDAO may have capitalized on the recent MKR pump to offload some of its MKR holdings.
Multisign 0xbba, which is associated with MakerDAO, deposited 2,395 MKR ($7.36 million) to Wintermute Trading OTC at an average price of $3,073 after the price peaked at $3,300 two days ago.
The @MakerDAO might have used the past MKR pump to unload some $MKR!
Since the price reached $3,200 2 days ago, multisign 0xbba (linked to @MakerDAO) has deposited 2,395 $MKR ($7.36M) to #Wintermute Trading OTC at ~$3,073.
This multisign had been inactive with $MKR for 3… pic.twitter.com/0BRcT7W5HO
— Spot On Chain (@spotonchain) March 20, 2024
This multisign had remained inactive with MKR for three months but still holds 28,576 MKR ($81.5 million), mostly acquired from MakerDAO, suggesting the potential for further token deposits.
More Whales Make Notable Profits From MakerDAO MKR
Further analysis reveals that a significant whale, known for selling 9,600 ETH at an average price of $1,811 in November 2023, recently sold 720 MKR at an average price of $2,867, generating a profit of $1.02 million.
Over the period from March 11 to March 20, this whale has sold a total of 3,440 MKR, valued at $9.96 million, resulting in a total profit of $4.61 million.
过去 11 小时，曾在 2023.11 以 $1811 均价卖飞 9600 $ETH 的巨鲸再次卖出 720 枚 $MKR ，平均卖出价格 $2867，获利 102 万美金
03.11 – 03.20 期间，该巨鲸已累计卖出 3,440 枚 MKR，总价值 996 万美金，总计获利 461 万美金
钱包地址 https://t.co/mGTkRHawgs https://t.co/IR30rBWjKQ pic.twitter.com/DFY8GuEeLP
— Ai 姨 (@ai_9684xtpa) March 20, 2024
The actions of MakerDAO and notable whales indicate a strategic response to the recent price movement of MKR.
While the token saw a surge to yearly highs, entities such as MakerDAO seized the opportunity to potentially lighten their MKR holdings, while whales took advantage of the price peak to secure profits through strategic selling.
As the market continues to digest these developments, investors remain vigilant for further insights into the dynamics driving MKR’s price movements and the implications for the broader cryptocurrency ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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