In a pivotal move, a significant wallet, identified as 0x8a1, directed $6.91 million, which translates to 4,500 MKR tokens, towards FalconX, a crypto trading platform. According to recent findings from the crypto on-chain tracker, Spot on Chain, it’s been disclosed in a recent X post that the whale, managing a distinct wallet, continues to hold 18,890 MKR, valued at $28.98 million.
🚨 Whale 0x8a1 deposited 4,500 $MKR ($6.91M) to #FalconX at $1,536 ~20 mins ago.
— Spot On Chain (@spotonchain) November 30, 2023
– The whale withdrew his/her $MKR from #Coinbase at just $707.5 in 2022.
– The whale still holds 18,890 $MKR ($28.98M) in new address 0x7e9.
– Estimated profit from $MKR: $34.5M (+110%), of which… pic.twitter.com/pCpgd2J3GF
In the past week, Maker (MKR) has experienced a positive surge with a nearly 5% increase, reaching $1,529, according to CoinMarketCap. The surge has continued for four consecutive weeks following Bitcoin’s rise. However, indicators suggest that this bullish streak may end soon. Notable MKR wallets have started taking profits and transferring their MKR holdings to exchange wallets.
According to the findings of Santiment, a market intelligence platform, there is a correlation between whale transactions valued at $100,000 or more and profit-taking episodes through the Network Realized Profit/Loss (NPL) metric. The data chart highlighted that days with escalated whale transactions coincide with consistent profit bookings in MKR holdings. This suggests that there is a relationship between whale transactions and profit-taking in the market.
Over the past six months, there have been noticeable increases in profits gained through investor-driven transactions with whales. However, these notable spikes in unrealized profits contrast with the reduced number of transactions with whales over the past two weeks.
Adding to this potential correction narrative is the surge in MKR inflow to exchanges, notably highlighted in a recent seven-day centralized exchange netflow chart.
According to Santiment’s comprehensive data analysis, there has been a notable increase in the supply of MKR, a popular cryptocurrency, across centralized and decentralized exchanges. The data shows that over one week, the supply of MKR has risen from 7.99% to 9.25% of the total MKR supply. This significant uptick in supply could suggest a shift in market sentiment towards MKR or changes in the demand for the cryptocurrency.
Further confirming the bearish forecast for MKR, the MVRV ratio, assessing the average profit/loss of circulating MKR tokens at the current price, unveils that holders from the last thirty days are sitting on nearly 9% unrealized profits. This scenario hints at an impending wave of profit-taking, adding selling pressure to the asset.
