Over the past day, the governance token of the Maker Protocol, MKR, has faced a downturn, with its value dropping by up to 8%. On the weekly chart, the decline extends to 13%.
Despite this bearish trend, insights from Spotonchain, an on-chain data tracking platform, shed light on an interesting development: whales and institutions are seizing the opportunity to accumulate MKR during the dip.
According to Spotonchain’s reports, a notable surge in accumulation activity has been observed. Thirteen fresh wallets withdrew a substantial amount of MKR, totaling 13,560 tokens valued at $47.8 million, from Binance over the past week.
Impressively, within the last 12 hours alone, 8,875 MKR, equivalent to $30.8 million, was withdrawn from Binance.
Institutions appear to be accumulating $MKR!
• 13 fresh wallets withdrew 13,560 $MKR ($47.8M) from #Binance at ~$3,531 in the past week, of which 8,875 $MKR ($30.8M) was withdrawn in the past 12 hours alone.
• 3 more wallets have made test withdrawals of 0.0055 $MKR and… pic.twitter.com/PWNiQC8VpB
— Spot On Chain (@spotonchain) April 10, 2024
Potential Whale Large MKR Withdrawals To Monitor
Moreover, three additional wallets have initiated test withdrawals of 0.0055 MKR each, indicating a potential intention to withdraw larger amounts in the near future.
An intriguing observation is that all sixteen wallets receiving MKR funding also received Ethereum from wallet address 0x316, likely affiliated with Anchorage Digital. This suggests the possibility that these wallets belong to a single entity or are coordinated in their accumulation efforts.
In summary, despite the recent decline in MKR’s value, the accumulation activities of whales and institutions indicate underlying confidence in the long-term prospects of the Maker Protocol. This influx of institutional interest amidst the dip may signal potential bullish momentum for MKR in the coming days.
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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