In today’s dynamic crypto market landscape, an intriguing phenomenon showcasing a swap in assets garnered noteworthy attention among crypto market enthusiasts globally as the MKR, the native token of Maker, price soared nearly 20% following this swap in assets, piquing global attention. As per insights unveiled by the tracker Scopescan, Rune Christen, the Co-founder of Maker, swapped colossal amounts of SHIB, Shiba Inu’s native token, and LDO, Lido DAO’s native token, for MKR, fueling immense optimism for the Ethereum-based smart contract platform’s token across the broader crypto market.

Christen’s SHIB & LDO Swap Triggers MKR Rally?

According to the insights spotlighted by the tracker Scopescan, the MakerDAO co-founder sold 12 billion SHIB and 75,000 LDO. Furthermore, after exchanging the two for USDC, Christen acquired 312 MKR at an average price of $2,389.

Notably, the co-founder acquired these SHIB tokens earlier this month, marking Christen’s first-ever SHIB purchase. Bought at an average price of $0.00001334 and valued at $98000, this accumulation underscored optimism for the meme coin Shiba Inu. However, with 12 billion SHIB and 75,000 LDO exchanged for MKR, a tidal wave of speculations orbiting a shift in investor confidence and MKR’s today’s witnessed rally was birthed.

Following Rune’s noteworthy MKR buying, the token’s price rallied nearly 20%, piquing the interest of crypto market traders and investors globally.

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MKR Price Rallies

As of writing, the MKR price noted a substantial uptick of 19.16% over the past 24 hours and is currently trading at $2,443.05. The phenomenal rally promptly gained traction as the co-founders’ accumulation appeared to be weighing in on the price pump.

The coin’s market cap soared 17.65%, reaching $2,24 billion, whereas 24-hour trading volume rocketed 153.77%, reaching $148.02 million. This fueled immense bullishness for the token across the broader crypto market.

Meanwhile, the token’s derivatives data birthed additional bullishness on MKR, hinting at substantial new money entering the market and burgeoning market activity. Coinglass unveiled a 47.67% surge in the token’s open interest, whereas its volume surged 325.12%. This curated a tidal wave of optimism orbiting MKR, further falling in line with Christen’s accumulation and today’s price upswing, as it hinted at un uptrend in the market.

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The post Maker (MKR) Price Soars 20% As Founder Sells 12 Bln SHIB & 75K LDO appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am