Crypto News

Maker DAO’s Governance Token MKR Plunges 11% As Whales Move Tokens To Exchanges

The governance token of the Maker DAO protocol, $MKR, faced a significant decline of up to 11% today, reflecting the ongoing volatility in the cryptocurrency market.

Spotonchain, an on-chain analytics platform, provided insights into whale activity surrounding MKR tokens, revealing notable movements to centralized exchanges (CEX). 

Whale address 0x09e/0xdbb made a substantial deposit of 1,480 MKR ($4.23 million) to Binance at a price of $2,856. This deposit marks the conclusion of the whale’s initial MKR trade, which yielded significant profits.

The whale initially withdrew 3,201 MKR from MEXC at an average price of $1,760, amounting to an estimated cost of $5.63 million. Subsequently, they deposited 3,192 MKR to Binance at an average price of $2,868, totaling $9.15 million. 

The realized profit from this trade is estimated to be $3.54 million, representing a substantial gain of 63% after holding the tokens for four months.

MKR Price Action And Whale Movements To Monitor 

Meanwhile, the MKR price has been on a steep decline over the past five hours, adding to the market’s uncertainty. Another whale, address 0x637, sold the last 350 MKR for 325 ETH ($1.04 million) at approximately $2,961, closing their first MKR trade. 

This sale resulted in an estimated profit of $1.86 million, marking a remarkable gain of 241% after a year of holding.

The movement of MKR tokens by whales to exchanges and the subsequent decline in price highlight the dynamic nature of the cryptocurrency market. 

Investors and traders are advised to remain vigilant and exercise caution amidst market fluctuations, considering the potential impact on asset values and investment strategies.

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: maximusnd/123RF // Image Effects by Colorcinch

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