MakerDAO’s $MKR Faces Decline As Whales Make Moves

MakerDAO’s native token $MKR has experienced a 4% decline in the past 24 hours and a 6% drop over the course of the last 7 days, signaling a challenging period for the cryptocurrency.

Recent on-chain reports reveal that MakerDAO Multisign 0xbba has deposited 421.985 MKR, equivalent to $1.29 million, to Wintermute Trading OTC at a price of $3,046 before the price downturn.

This deposit adds to the multisign’s overall activity, which has seen 9,043 MKR deposited to Wintermute Trading OTC at an average price of $3,291, totaling $29.76 million, since the price surge on March 17, 2024. 

Notably, the price has tended to slightly decrease following each deposit. Currently, the multisign still holds 21,928 MKR, valued at $66.36 million.

Some $MKR Whales Sells Off Some Profits 

In addition to multisign activity, a whale profiting $3.51 million through $MKR transactions sold 1,500 MKR on the chain in the past two hours at an average price of $3,045.

Subsequently, the whale recharged 4.48 million USDT into Binance, possibly in anticipation of purchasing at the market’s bottom.

The portion of MKR sold was transferred from Binance on April 11 at an average price of $3325, resulting in a loss of $420,000. The remaining portion of MKR still holds a floating loss of $140,000.

These recent movements within the $MKR ecosystem highlight the active participation of whales and multisign entities, shaping the token’s market dynamics. As the cryptocurrency faces a period of decline, investors are closely monitoring these developments for potential insights into future price trends and market sentiment.

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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