Today, MakerDAO’s MKR token has dipped below the $2,400 mark. On-chain data from OnchainDataNerd reveals that 12 hours ago, a wallet potentially belonging to @ambergroup_io deposited 1,800 MKR tokens, valued at approximately $4.54 million, to Binance.

Following this significant move, the wallet now holds only 412.6 MKR tokens, worth around $997,000.

Whales Still Fancy MKR Tokens Despite Recent Market Sell-Off And Price Drop

Despite the recent price drop from $2,900 to $2,400—a 17.5% decline since July 31—there are still buyers in the market. Smart Money has resumed buying MKR, particularly in the $2,560 price range, indicating renewed interest at these lower levels.

One notable transaction involves a Dolphin wallet (icrypto.ai/wallet/0xa53a1…) that initially bought MKR at around $880. This wallet purchased an additional $300,560 worth of MKR just 17 hours ago. The previous transaction involving MKR from this wallet occurred a month ago, highlighting its strategic accumulation during market dips.

These actions suggest that despite the overall market downturn, savvy investors see potential value in MKR at its current price. As Smart Money and strategic buyers like the Dolphin wallet re-enter the market, it signals a possible rebound or long-term confidence in MakerDAO’s prospects. The recent activities of significant wallets underscore the ongoing interest and potential for recovery in the MKR token, even amidst current volatility.

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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