Crypto News

Maker’s Recent Price Surge And Subsequent Decline: What’s Behind The Movement?

The price of Maker (MKR), the governance token of the MakerDAO and Maker Protocol, has experienced significant volatility in recent days, reaching a yearly high of $3.3k before retracing to $2.7k within the past 24 hours.

According to on-chain reports from Spotonchain, MakerDAO may have capitalized on the recent MKR pump to offload some of its MKR holdings.

Multisign 0xbba, which is associated with MakerDAO, deposited 2,395 MKR ($7.36 million) to Wintermute Trading OTC at an average price of $3,073 after the price peaked at $3,300 two days ago. 

This multisign had remained inactive with MKR for three months but still holds 28,576 MKR ($81.5 million), mostly acquired from MakerDAO, suggesting the potential for further token deposits.

More Whales Make Notable Profits From MakerDAO MKR

Further analysis reveals that a significant whale, known for selling 9,600 ETH at an average price of $1,811 in November 2023, recently sold 720 MKR at an average price of $2,867, generating a profit of $1.02 million.

Over the period from March 11 to March 20, this whale has sold a total of 3,440 MKR, valued at $9.96 million, resulting in a total profit of $4.61 million.

The actions of MakerDAO and notable whales indicate a strategic response to the recent price movement of MKR.

While the token saw a surge to yearly highs, entities such as MakerDAO seized the opportunity to potentially lighten their MKR holdings, while whales took advantage of the price peak to secure profits through strategic selling.

As the market continues to digest these developments, investors remain vigilant for further insights into the dynamics driving MKR’s price movements and the implications for the broader cryptocurrency ecosystem.

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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