In the dynamic world of cryptocurrencies, Maker (MKR), a smart contract token, is currently capturing the attention of large wallet investors. Recent on-chain data indicates a surge in accumulation by smart money, with two prominent whales making substantial MKR transactions in the past 24 hours.
SpotOnChain, a leading on-chain intelligence provider, has identified Maker as the sixth-largest asset in terms of smart money inflow over the past day. Smart money refers to capital invested by individuals with a deep understanding of market conditions. Notably, two significant players have entered the MKR market, signaling optimism about the token’s future.
Maven 11 Capital, a large wallet investor and venture capital firm, made a bold move by adding 899 MKR to their token holdings for the first time in two years. The acquisition carried out on Binance at a price of $1,450, positions Maven 11 to benefit from unrealized profits in excess of $500,000. This move is particularly noteworthy as it marks Maven 11’s return to MKR after a two-year hiatus, showcasing renewed bullishness in the token.
Similarly, another whale wallet, identified as 0x9e7, demonstrated confidence in MKR by acquiring 1,226 tokens worth $1.75 million at an average price of $1,424. Within just 12 hours, this investor is sitting on an unrealized profit of $609,000. Notably, 0x9e7 has been holding a substantial MKR position since July 25, 2023, accumulating 4,776 MKR with an estimated current value of $6.93 million.
While whale activity indicates short-term bullish sentiment, on-chain metrics are painting a different picture for MKR’s immediate future. According to data from Santiment, the supply of MKR on exchanges has increased from 7.01% on September 5 to 9.49% as of early Wednesday. A higher supply on exchanges typically correlates with increased selling pressure on the asset.
The Network Realized Profit/Loss (NPL) metric, which identifies the average profit or loss of all coins moved on the chain daily, reveals that MKR holders realized significant profits on October 24, when the token’s price was $1,500. Since then, profit-taking activity has been observed, often preceding a decline in the asset’s price. This suggests that MKR might be headed for a correction in the near term.
Recently, it was reported that Maker witnessed a notable surge in value. During the month of September, it witnessed a surge of over 44 percent and marked its value at around $1,492 in the early phases of the Asian market.
