In the last month, Maker (MKR), the governance token linked to MakerDAO and the Maker Protocol, has seen an impressive 70% surge in its price. A recent analysis by LookOnChain, a prominent on-chain expert, suggests that during this period, significant crypto whales have been actively accumulating MKR.

The report highlights the accumulation by 10 wallets, amassing a total of 32,759 MKR, equivalent to $66.66 million and approximately 3.55% of the circulating supply, from various exchanges in the past month.

Among these transactions, 0xd520 withdrew 12,103 MKR ($24.63 million) today, while 0x04e9 withdrew 4,802 MKR ($9.77 million) from Binance 20 days ago and subsequently distributed it to two new addresses via Binance 16 hours ago—potentially as a measure to avoid on-chain tracking.

Other notable withdrawals include 0xE68E (3,650 MKR, $7.4 million, from Binance 18 days ago), 0x4760 (3,158 MKR, $6.4 million, from Binance 15 days ago), and several more from different platforms.

The price of $MKR has increased by nearly 70% in the past 1 month!

We noticed that 10 wallets have accumulated 32,759 $MKR ($66.66M, 3.55% of the circulating supply) from exchanges in the past month.

0xd520 withdrew 12,103 $MKR($24.63M) today. https://t.co/IHG2GPvDBn… pic.twitter.com/BtfhpiSb3s

— Lookonchain (@lookonchain) January 15, 2024

Maker MKR Price Action To Watch

Despite the current 3% decline in MKR’s price over the past 24 hours, the recent month-long surge and the substantial accumulation by crypto whales suggest that confidence in Maker’s decentralized architecture remains strong.

This strategic accumulation by significant players in the crypto space further supports the positive sentiment around MakerDAO and its protocol.

As the market continues to evolve, the actions of these crypto whales indicate a bullish outlook for Maker, showcasing the resilience and enduring appeal of the Maker Protocol within the broader crypto community.

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: nijieimu/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ January 15, 2024 10:00 pm