Crypto News

Maker DAO Token Experiences Slight Decline Amidst Whale Activity

Over the past week, Maker DAO’s native token, $MKR, has encountered a marginal decrease of up to 3%. This decline coincides with notable on-chain activity involving a prominent whale investor, identified as 0xa09.

Recent data reveals that Whale 0xa09 recently deposited the remaining 1,488 MKR tokens, valued at $5.43 million, to Binance at a price of $3,652 per token.

This move follows a series of strategic transactions by the whale, including the purchase of 4,489 MKR tokens via CoW Protocol and Binance at an average price of $2,984, totaling an estimated cost of $13.4 million. 

Subsequently, the whale deposited all acquired MKR tokens to Binance at an average price of $3,583, amounting to $16.09 million, within the past five hours.

Notably, if the whale did indeed sell, they would have realized a profit of $2.69 million, reflecting a 20.1% increase in less than a month.

Further MKR Whale Movements To Monitor 

Additionally, according to insights from Lookonchain, the same whale deposited 3,001 MKR tokens, valued at $10.69 million, to Binance to secure profits. 

The whale had initially purchased 4,489 MKR tokens from March 16 to April 1, with an average price of $2,975. As of now, the whale retains 1,488 MKR tokens, valued at $5.33 million, resulting in a total profit of $2.67 million from these transactions.

The whale’s strategic moves and profitable transactions underscore the dynamic nature of the cryptocurrency market, with investors actively managing their portfolios to capitalize on market fluctuations and optimize returns.

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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Image Source: kaedeezign/123RF // Image Effects by Colorcinch

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