Crypto News

Maker DAO’s Governance Token Sees Profit-Taking Amid Price Surge

The price of Maker DAO’s governance token, $MKR, has been on an upward trajectory recently, attracting significant attention from large investors.

However, as the token’s value rose, some whales decided to take profits, leading to notable transactions in the past few hours.

Recent Large $MKR Whale Sales and Transactions 

Two prominent whales have cashed out their $MKR holdings, securing substantial profits. Whale 0xAdf5, who acquired 1,075 $MKR (worth $1.95 million) at an average price of $1,819 between February 19 and February 27, sold these tokens at $2,931, netting a profit of $1.2 million in the past three hours.

Similarly, whale 0xB47c purchased 1,281 $MKR (worth $2.77 million) at $2,162 on January 9 and sold them at $2,946 within the last eight hours, making a profit of $1 million.

In addition to these sales, another whale, identified as 0x1cC, deposited 700 $MKR (approximately $2.08 million) to Binance. This transaction is part of a larger pattern where this whale received 7,900 $MKR (around $22.89 million) from a multisig wallet within the past month and immediately transferred the tokens to Binance.

$MKR Market Impact and Conclusion 

These transactions have contributed to a 5% decline in $MKR’s price over the past 24 hours. Despite the recent profit-taking, the overall weekly trend for $MKR remains positive, indicating continued investor interest and activity in the token.

The recent profit-taking by significant $MKR holders underscores the dynamic nature of the cryptocurrency market, where large investors strategically move their assets to capitalize on price surges. As $MKR continues to attract attention, both from investors and traders, the market will likely experience further volatility and opportunities for profit.

Investors should monitor whale activities and market trends closely to make informed decisions in the rapidly evolving crypto landscape.

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: ckybe/123RF // Image Effects by Colorcinch

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