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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.

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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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Image Source: kaedeezign/123RF // Image Effects by Colorcinch

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

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