- A MKR whale cashed out $7 million in the last 24 hours
Altcoin’s price soon lost the gains it made in the previous trading session after declining by over 2%
As a seasoned researcher with extensive experience in analyzing cryptocurrency markets and whale activities, I find the recent trend of a notable Maker (MKR) wallet intriguing. According to my analysis, this wallet has strategically deposited large volumes of MKR tokens into Binance since April 2024, with the latest deposit being worth around $7 million.
Over the past four months, noteworthy transactions in Maker (MKR) wallets might indicate a deliberate strategy for transferring large quantities of MKR tokens to exchanges. A thorough examination of these transfers reveals that they often coincide with the price fluctuations of MKR – Suggesting a thoughtful and strategic approach to buying or selling based on market trends.
Maker whale makes more deposits
Based on information from Lookonchain, a notable Maker (MKR) wallet has been consistently transferring large amounts of MKR tokens into Binance since April 2024. The latest deposit was for 2,500 MKR tokens, equivalent to around $7 million considering current market values. In the past few months, this wallet has transferred over 20,000 MKR tokens to the exchange – Equivalent to a total value of more than $55 million at present prices.
As I pen this down, the wallet holds approximately 6,405 MKR, valued roughly at $18 million.
The continuous financial transactions in the wallet, featuring significant contributions over an extended period, may significantly influence the market liquidity and price consistency of MKR on the trading platform. Consequently, it’s essential to consider the magnitude of its effect on the exchange rate – What was the extent of its impact on the price?
How Maker has trended since April
Over the past four months, the daily price chart of Maker (MKR) displays frequent price changes and noticeable price swings. Based on Lookonchain’s data, this wallet has skillfully taken advantage of these price movements by often offloading MKR at elevated price levels.
One remarkable example of strategic selling for this wallet was observed on April 24th. On this day, the price of MKR exhibited significant fluctuations. It started at around $2,900 in the morning, reached over $3,000 during the trading day, and ultimately ended the day at approximately $2,874.
As a researcher studying the price trends of MKR, I’ve noticed an intriguing pattern. Around the 17th of July, there was a noticeable decrease in MKR’s value. However, right before this decline set in, MKR’s price had spiked up to surpass $3,000 for the first time since May.
During this time, this peak offered a prime selling chance, while the renowned Maker wallet consistently deposited and sold for a profit.
currently, MKR is being exchanged for approximately $2,765, marking a 2% decrease in value. This price drop might indicate a pause following the previous surge or a response to wider market fluctuations.
MKR flow stays normal
The whale’s latest actions could be an indication of substantial market shifts, but the general flow of funds in Maker has remained consistent over the past few days.
As a researcher examining the data from CryptoQuant, I discovered that on July 19th, there was a net flow of 351 MKR tokens moving into exchanges, indicating an influx of these tokens into the exchange platform at that time.
– Realistic or not, here’s MKR’s market cap in BTC’s terms
Currently, the withdrawal activity is outpacing the deposit activity, resulting in a net flow of -150 MKR.
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2024-07-21 06:15