Crypto News

MakerDAO Token Sees Surge Amidst Onchain Activity

The Maker DAO governance token MKR has witnessed a notable surge in recent days, with gains of 15% recorded over the past week. However, recent onchain activity has brought some volatility to the market.

In a significant move, a whale recently offloaded 4,753 MKR tokens in exchange for 17.3M DAI, resulting in a 9% drop in the price of MKR from its high of $3,881 to a low of $3,488. Following this transaction, the whale now holds just 512 MKR, valued at approximately $1.8 million.

Meanwhile, Multisign 0xbba, likely associated with MakerDAO, made a notable deposit of 522.99 MKR to Wintermute Trading OTC at a price of $3,664 per token. This transaction marks the return of the multisign after a three-month period of inactivity. 

Since its reactivation on March 17, 2024, the multisign has transferred a total of 2,918 MKR to Wintermute Trading OTC at an average price of $3,179, amounting to $9.28 million. Presently, the multisign still holds a substantial amount of 28,053 MKR, valued at $103 million.

MKR Price Move Despite Recent Sell-off Pressure

Despite the recent sell-off by the whale, the MKR price experienced a notable pump of 10.92% in the past 24 hours, surpassing the $3,600 mark for the first time in over two and a half years. This uptick in price suggests renewed investor interest and confidence in the MakerDAO ecosystem.

As the market continues to react to these developments, investors are advised to closely monitor onchain activity and market dynamics to make informed decisions in the volatile cryptocurrency 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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