The journey of Maker ($MKR) has been anything but predictable over the past few months. Despite hitting a yearly high at $1623, the market posed significant resistance, prompting the bears to take control. However, in a surprising turn, Maker seems to be gaining gradual momentum in recent hours, marked by a notable uptick in trading volume.
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Makes Massive Accumulation Places It as The Sixth Ranking In Terms Of Money Inflow
🚨 Note that $MKR is now ranked 6 in #SpotOnChain's Smart Money Inflow and the price is surging back!
We detected 2 notable $MKR accumulators in the past 12 hours as follows:
1. Maven 11 (@Maven11Capital) accumulated 899 $MKR ($1.30M, price: $1,450) from #Binance ~1hr ago.
— Spot On Chain (@spotonchain) November 22, 2023
Recent data from SpotOnChain indicates an encouraging rise in Maker’s Smart Money Inflow, securing the sixth position in their rankings. With a value of $2.818 million, Maker follows closely behind major players such as BTC, ETH, USDC, USDT, and Dai.
Notable Whale Accumulating Thousands Of $MKR
Two significant accumulations have caught the attention of market observers. Firstly, Maven 11 (@Maven11Capital) reentered the $MKR scene by acquiring 899 tokens ($1.30 million) from #Binance. This move signifies a renewed interest, with Maven 11 expressing heightened optimism after a two-year hiatus.
In a parallel move, whale 0x9e7 made waves by accumulating 1,226 $MKR ($1.75 million) on #Binance about 12 hours ago. Notably, this whale has maintained a substantial $6.93 million bag of 4,776 $MKR since July 25, with an expected profit of $609,000 (+9.6%).
Strategic Accumulation Signals Shifting Sentiment and Bullish Outlook
These strategic accumulations strongly suggest a shift in sentiment, hinting at a more bullish outlook for Maker. As the cryptocurrency aims to break through its previous high, investors are closely monitoring these key moves, anticipating potential gains amid increased trading activity.
Conclusion
The recent bullish developments underscore the resilience and potential of Maker ($MKR). Investors find themselves captivated by the unfolding dynamics of the crypto market, with Maker positioned as an intriguing asset to watch. The strategic moves by Maven 11 and whale 0x9e7 provide valuable insights into the evolving landscape of $MKR and its potential trajectory in the coming days.
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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