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.
Multisign 0xbba, likely @MakerDAO, has consistently moved $MKR out before price drops!
In the past 2 weeks, the multisign sent 4,535 $MKR ($14.4M) in total almost daily to #Wintermute Trading, which then deposited to CEX like #Binance, #Coinbase, or #Kraken,
And the price… https://t.co/cZanltuTnA pic.twitter.com/ZK9uyzXO0G
— Spot On Chain (@spotonchain) April 22, 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.
2024.03 通过 $MKR 波段获利 351 万美金的巨鲸，过去两小时在链上卖出 1500 枚 MKR，卖出均价 $3045；随后将 448 万枚 USDT 充值进币安，或许是去抄底了？
这部分 MKR 是 04.11 以均价 $3325 从币安转出的，此次卖出亏损了 42 万美金，剩余部分仍浮亏 14 万美金😂
钱包地址 https://t.co/5agHlcRBTz pic.twitter.com/QpITUxNxOm
— Ai 姨 (@ai_9684xtpa) April 22, 2024
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.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: kaedeezign/123RF // Image Effects by Colorcinch
