In the past three days, MakerDAO-related wallets have deposited 5,750 MKR tokens, valued at approximately $16.76 million, to Binance. This activity continues a trend of selling MKR that began on April 24, with most sales occurring at high prices.
Since April 24, these wallets have deposited a total of 18,900 MKR, worth $53.83 million, to Binance at an average price of $2,848. Despite these sales, the wallets still hold 8,905 MKR, valued at $26 million.
In a related move, the wallet 0x4fa, likely associated with Placeholder VC, deposited an additional 7,250 MKR, worth $20.9 million, to Coinbase Prime.
The MKR tokens in this wallet originated from the multisignature wallet 0xcb0f23a4835e7cd32adacb4e25b8b0541e4becdb, also linked to Placeholder VC.
Placeholder VC has shown a strategic pattern in handling MKR tokens over the years. The firm withdrew 12,199 MKR from Bitfinex and Coinbase at an average price of $785.32 between October 6, 2018, and December 31, 2022, with most of these transactions occurring earlier in the period.
Additionally, on March 13, 2019, Placeholder VC received 2,300 MKR from MakerDAO when the token was priced at $656, totaling $1.51 million.
Subsequently, Placeholder VC deposited 14,501 MKR back to Coinbase at a significantly higher average price of $3,024, totaling $43.9 million, between April 23, 2021, and July 18, 2024.
This ongoing activity by MakerDAO-related wallets and Placeholder VC highlights strategic trading practices and substantial market movements.
The large deposits and sales of MKR tokens suggest a calculated approach to maximizing profits and managing assets effectively in the volatile cryptocurrency market. As these transactions continue, market watchers are closely monitoring their impact on MKR’s price and the broader market dynamics.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: sakchai/123RF // Image Effects by Colorcinch
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