02 March, 2024

Maker’s MKR Token Surges as Top Wallets Accumulate Heavily

2 months ago

19 Feb, 2024

  • Maker’s MKR token has experienced an impressive price surge of nearly 70% in just one month.
  • Data shows that the top 10 wallets hold over 3.5% of the total circulating supply of MKR.
  • Substantial withdrawals from Binance suggest deliberate and calculated moves within the market, indicating strategic positioning.

Maker has recently witnessed a dramatic 70% increase in market value. This surge aligns closely with significant activities across ten prominent wallets. These wallets have collectively accumulated 32,759 Maker tokens, valued at approximately $66.66 million. This sum represents a substantial 3.55% of the total circulating supply.

Lookonchain, an onchain data provider, shared an X post providing an intriguing insight into how the price of $MKR has surged by nearly 70% over the past month, aligned with the activity of 10 wallets.

Among these wallets, 0xd520 stands out with a withdrawal of 12,103 MKR, equivalent to $24.63 million, just today. Another notable movement was by 0x04e9, which withdrew 4,802 MKR from Binance 20 days ago. This wallet later distributed its holdings to two new addresses, possibly to evade on-chain tracking.

Furthermore, 0xE68E and 0x4760 also made significant withdrawals from Binance 18 and 15 days ago. 0x5D7a consistently withdrew MKR from Binance between December 2023 and January 2024. Meanwhile, 0x09ED focused on MEXC, pulling out 2,789 MKR weekly.

These activities show a pattern of strategic distribution and withdrawals among these wallets. 0xAdf5, 0x337c, 0xd971, and 0xF596 also made notable moves, withdrawing MKR from Binance in varying quantities. These transactions hint at a well-coordinated approach to managing MKR assets.

As of press time, Maker is exchanging hands at $2,050, down by over 2 percent in the past 24 hours. The bears have had the upper hand today, pushing MKR lower to seek support at $2,030. Despite the pullback, MKR remains in an uptrend in the short term as the daily trading volume continues to surge, recording an increase of 12 percent today.

MKR/USD 1-day chart, Source: TradingView

Technical indicators on the daily chart remain bullish as Maker’s uptrend formation remains intact. The Relative Strength Index (RSI) is hovering in the overbought region while the Moving Average Convergence Divergence (MACD) continues climbing above the zero line. The histogram is positive, cementing the bullish outlook, and will continue to grow higher as the buying pressure increases.

Maker’s recent market performance underscores the influence of major wallet activities on cryptocurrency values. With ten wallets amassing a significant portion of the circulating supply, the market has responded with a notable surge in value. This trend, coupled with strategic withdrawals and distributions, paints a picture of an increasingly sophisticated and strategic cryptocurrency market landscape.



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