Main navigation

Maker (MKR) Sees Largest Whale Move in Months Following 24,300 MKR Transfer

Sat, 02/25/2023 - 14:30
article image
Tomiwabold Olajide
Maker (MKR) whales return with massive move of tokens after months of inactivity
Maker (MKR) Sees Largest Whale Move in Months Following 24,300 MKR Transfer
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Maker recently saw its largest whale move in more than three months, according to on-chain analytics firm Santiment, with a whopping 24,331 MKR worth more than $17.4 million being shifted to a whale address.

"Maker made its largest whale moves in over 3 months a couple hours ago. 24,331 MKR ($17.4 million) was moved to a whale address, and then another identically sized move was made. On downswings, massive moves like this are often correlated with turnarounds," Santiment stated.

Following this major transfer, another identically sized move was made, according to Santiment. "Maker just saw two identical transactions worth $17.4 million, largest moves on Network in over 3 months," Santiment noted on a chart it posted.

Maker (MKR) Surges 33% Amid Market Downturn

Large transactions or massive moves during downturns have frequently been associated with positive turnarounds, as Santiment explained for the massive MKR transfer.

Crypto market plunges

The cryptocurrency market declined on Friday as a result of key inflation data that appeared to have alarmed investors.

The world's largest economy's inflation surged, according to a report released on Friday, raising the possibility of additional interest rate increases by the U.S. Federal Reserve.

The declines persisted until Saturday, as most crypto assets were trading in the red at press time.

According to data from CoinMarketCap, the largest cryptocurrency by market capitalization, Bitcoin, is currently down 3.12% in the last 24 hours and trading for $23,032. It only recently crossed the $25,000 mark for the first time in eight months.

The majority of other cryptocurrencies have also taken a hit. Maker's MKR token was down 4.36% in the last 24 hours at $701.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.