An early MKR holder, identified by wallet address “0x07a,” has sold 251.53 MKR tokens for 172.461 ETH, valued at around $408K, at a price of $1,624 per token.

This long-time investor originally accumulated 451.529 MKR tokens during the token’s early days, between January 20 and March 2, 2017, when the price was a mere $23.

The tokens were purchased through the wallet address “0x28E632F8838dcc6C558856d7FC1115143c3e8585” and then transferred across several wallets before eventually resting in the current wallet, “0x07a.”

On October 11, 2020, the investor migrated their MKR holdings to the new version of the tokens and continued to hold all of them in the same wallet until the recent sale.

MKR Early Adopter Still Holds Position 

As of now, the early adopter still holds 200 MKR tokens, worth approximately $326K.

This sale comes shortly after MakerDAO, a key player in the decentralized finance (DeFi) space, announced its rebranding to Sky. Since the rebranding in late August, the MKR token has seen a 24% decline in value, largely influenced by overall market conditions and criticism surrounding the platform’s newly introduced “freeze function.”

This drop in MKR’s price has stirred concerns within the community, particularly as the rebranding and added functionalities have not yet stabilized the token’s performance. With this early investor selling off a portion of their holdings, all eyes are on how MKR and the broader MakerDAO ecosystem will fare in the near future.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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