Crypto whales accumulate MakerDAO (MKR) token

Maker (MKR) stats show significant deposits, swaps, and accumulations carried out by major players in the crypto market.  

In recent days, MakerDAO Founder RuneKek has been involved in noteworthy swaps, according to data from Spot on Chain. He acquired 1,613 MKR by swapping a total of 1.61 million DAI, averaging $998.2 per MKR. Moreover, he removed 300.7 MKR and 305.8K DAI from the Uniswap liquidity pool, indicating a strategic move on his part. 

Venture Capital firm a16z has reportedly transferred 1.5K MKR daily to Coinbase in the past four days at an average price of $970.35 (approx. $5.83 million). Additionally, the firm moved 6.9K MKR (valued at $8.08 million) to a fresh wallet address, warranting close monitoring of their activities. 

The researchers also found that HoldingCms accumulated 1,325 MKR from Binance and Bitget from June 26 until today, averaging $799.5 per MKR (approx. $1.06 million). A timely move followed this accumulation, where they deposited 525 MKR to Binance at $1,186, potentially realizing a profit of approximately $203K (ROI: 48.3%) if indeed selling.

In another notable event reported earlier by, Justin Sun, the founder of the Tron network, made headlines with a significant transfer of 6,802 MKR tokens to Binance. This transaction, valued at approximately $4.3 million, showcased Sun’s involvement in the MKR market, raising interest among crypto enthusiasts and speculators. 

Maker (MKR) witnessed a 28% increase recently following the introduction of a token buyback program by MakerDAO, further enhancing the appeal of the decentralized finance (DeFi) lender. 

The buyback scheme catalyzed heightened confidence in MKR, attracting short-term traders and long-term investors to take advantage of the token’s bullish momentum. 

Maker (MKR) is crucial in the Maker protocol, facilitating the generation of DAI, a decentralized cryptocurrency pegged to the USD. As a governance token, MKR holders influence the development of the protocol and vote on proposals concerning the use of DAI.

Maker (MKR) price analysis

At the time of writing, Maker (MKR) is trading for $1,035.88, with a 24-hour trading volume of $75.3 million.

 Over the last 24 hours, MKR has experienced a price decline of 6.1%. However, the broader picture reveals a more positive trend, as MKR has surged by an impressive 46.2% over the past 30 days. 

Crypto whales accumulate MakerDAO (MKR) token - 1
Maker (MKR) price | Source: CoinGecko

This substantial increase may be attributed to factors such as the founder’s strategic buybacks and the introduction of the token buyback program by MakerDAO, which bolstered confidence in the asset. 

On the daily timeframe, MKR shows support at the $900 level, which could act as a price floor during any potential correction. Conversely, the closest resistance level on the daily timeframe is at $1,084. It could challenge MKR’s upward momentum in the short term.

With a circulating supply of 900,000 MKR tokens, the cryptocurrency’s market cap is $933.8 million, positioning Maker (MKR) as a significant player in the DeFi space.

Follow Us on Google News

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker