21 April, 2024

Maker’s (MKR) Price Trajectory Stirs up the Crypto Market Amid Whale Movements

03 Apr, 2024

03 Apr, 2024

  • MKR rebounds 7% in 10hrs, showing resilience post-dip, per Spotonchain’s analysis.
  • A multisign wallet linked to MakerDAO moves 505 MKR to Wintermute Trading, signaling strategic ecosystem shifts.
  • Five wallets pulled 2,650 MKR from Binance, netting a 6.5% gain, highlighting savvy market timing by investors.

Maker (MKR) has recently showcased a significant rebound, witnessing approximately a 7% increase in its price within a short span of 10 hours, as highlighted by onchain analytics firm Spotonchain. This surge comes after a notable dip in the market, highlighting the token’s resilience and the investors’ growing confidence. Additionally, the price movement of MKR reveals a broader narrative of strategic acquisitions and movements by major players within the cryptocurrency space.

Spot On Chain further reported that a multisign wallet closely associated with MakerDAO executed a substantial transfer of 505 MKR, valued at roughly $1.91 million, to Wintermute Trading OTC. This transaction, priced at approximately $3,788 per MKR, occurred in the past 13 hours. Such moves indicate a strategic shift or diversification by entities deeply ingrained in the Maker ecosystem.

Moreover, an intriguing activity was observed involving five new wallets, likely controlled by a single entity. These wallets withdrew a staggering 2,650 MKR from Binance, amounting to about $9.52 million, at a price point of roughly $3,592 each. This withdrawal, made at what appears to be the local bottom price, resulted in a swift profit of $619,000, marking a 6.5% gain. This strategy underscores the acute market timing and opportunistic behavior of some MKR investors.

Lookonchain provided additional context to these movements, highlighting that the aforementioned five wallets were initially funded by a single source, further pointing to coordinated investment strategies within the MKR market. Such maneuvers are pivotal, as they often signal broader market trends or investor sentiments, which can be essential for individual investors to observe.

At press time, Maker’s trading value is marked at $3,745.61. It boasts a trading volume of $254,510,018.52 over the past 24 hours. While there has been a minor drop of 2.57% in its value during the last day, the token has witnessed a commendable rise of 15.14% over the previous week. These fluctuations are emblematic of the volatile yet opportunistic nature of the crypto market, where strategic movements by key players can significantly influence token valuations.

Hence, the actions of these whales and institutional players not only reflect their confidence in MKR but also underscore the continuous and dynamic exchange of strategies in the cryptocurrency market. Consequently, both the resilience of MKR and the astute maneuvers of its investors paint a picture of a vibrant and ever-evolving marketplace.


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