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An early crypto whale that was formerly dormant has suddenly revived to make its first move in years.
According to on-chain data, an early crypto holder and a dormant whale has returned after three years to deposit a whopping 1,602 MKR worth around $2.86 million to the Binance crypto exchange.
Maker (MKR) is the native token of MakerDAO, an Ethereum-based decentralized lending and borrowing network. MKR holders can engage in the platform's governance by voting on proposals and parameters that affect the system's stability and functionality. MKR can also be minted or burned to sustain the peg of DAI, MakerDAO's algorithmic stablecoin.
Depositing assets on an exchange usually indicates a desire to sell. In this light, speculations have arisen as to what the whale's intentions (which remain unknown) might be. On-chain data sheds further light on the whale's activities.
The said whale had redeemed 11,082 MKR, which was worth $6.53 million at the time, from the MakerDAO protocol, on March 28, 2018. The whale afterward deposited 4,602 MKR worth $18.57 million to Coinbase and Binance at an average price of $4,036 on May 5, 2021, which coincided with the biggest MKR pump.
The crypto whale still holds 6,877 MKR worth $12.27 million. Meanwhile, the whale's total MKR holding has grown by $24.3 million over six years.
At the time of writing, the MKR token was down 6.22% in the last 24 hours to $1735, mirroring the general fall in the crypto market.
The crypto market remains in a pensive mood, eagerly anticipating the SEC's decision on a Bitcoin spot ETF. Fidelity and WisdomTree are among other firms that filed amended S-1 applications with the SEC.
The SEC has until Jan. 10 to take action on at least one of the applications, and crypto insiders have speculated the regulator might utilize this date to announce several decisions at once.
Alex Dovbnya
Denys Serhiichuk
