MKR Price Drops After Whale Sells $2.56 Million Worth Of Tokens

Earlier today, the on-chain data and unlocks platform Spot On Chain revealed in an X post that a whale known as peedan.eth sold 1,960 Maker (MKR) tokens via Binance. According to the post, the MKR tokens were worth about $2.56 million.

The fact that the whale sold his tokens meant that he closed his MKR position at a more than 7% loss. Spot On Chain also revealed that since selling his MKR, the whale has withdrawn Ethereum (ETH) and Fetch.ai (FET) from Binance.

So far, the whale has withdrawn 742.3 ETH, worth $1.41 million, and 113K FET, valued at approximately $43.3K, from Binance. At press time, Spot On Chain estimated that the whale holds 743.3 ETH and 1.079 million FET.

It is very possible that the whale could be behind MKR’s decline of more than 2% over the past 24 hours. CoinMarketCap indicated that the altcoin was trading at $1,298.08 at press time. This latest price drop contributed to a poor weekly performance which saw MKR’s dropping by 6.68% over the past 7 days.

MKR’s 24 hour trading volume rose by more than 42% since yesterday, but this was likely due to an increase in sell volume. Since reaching its all-time high price of $6,339.02 in May of 2023, MKR’s price has dropped by 79.35% to trade at its current level.

MKR / Tether US 1D (Source: TradingView)

Meanwhile, the whale’s activities could also be a contributing factor to the fact that the prices of both ETH and FET were able to climb throughout the past day of trading. ETH’s trading value climbed to $1,890.52 after its price jumped 0.66% in 24 hours.

FET’s price experienced a more than 5% ascent, which resulted in it trading at $0.3809. This ended up flipping FET’s weekly performance back into positive territory to +4.43%.