Crypto News

Whales Take Divergent Paths As MKR Price Rebounds Amid Market Volatility

Following a recent market dip, the price of MKR, the native token of MakerDAO, has experienced a notable rebound of approximately 7% within a span of 10 hours. 

However, insights from whale activity suggest varying perspectives on the token’s trajectory.

A multisignature wallet, likely affiliated with MakerDAO, has made significant moves in the market. 

After a period of three months of inactivity, the multisignature wallet reappeared on March 17, 2024, coinciding with the rise in MKR’s price. 

In recent transactions, it deposited 263 MKR ($995,000) to Wintermute Trading OTC at a price of $3,785. 

More Deposit And Transfer Of MKR Tokens To Watch

Since its return, the multisignature wallet has transferred a total of 3,904 MKR to Wintermute Trading OTC at an average price of $3,324, amounting to $12.98 million. 

Notably, 505 MKR was deposited to Wintermute at an average price of $3,788 ($1.91 million) in the past 24 hours. Currently, the multisignature wallet still retains 27,067 MKR, valued at $102.5 million.

In contrast, five fresh wallets, likely representing individual or institutional investors, have withdrawn 2,650 MKR ($9.52 million) from Binance at an average price of $3,592. 

These wallets, funded by the same wallet address allegedly associated with Anchorage Digital’s Gas Supplier, indicate a different approach to MKR holdings.

Despite the divergent actions of whales, the MKR price has seen a modest increase of 3% within the past 24 hours. As market volatility persists, observers will continue to monitor whale activity and its impact on MKR’s price movements.

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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