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MakerDAO (MKR) faces large-scale selling activities after its co-founder made similar moves lately. Lookonchain revealed a substantial transaction, where a whale sold around 2,658 MKR coins at a $2,022 average price over the past four days.
A whale dumped 2,658 $MKR for 5.37M $DAI at an average price of $2,022 in the past 4 days.
— Lookonchain (@lookonchain) January 29, 2024
And the price of $MKR has dropped by 7.6% since the whale began dumping.
The whale still holds 2,007 $MKR ($3.9M), be careful of selling again!https://t.co/4Inn58tYVb pic.twitter.com/uGhe38Wb7P
MKR’s price reacted to the whale transactions with a more than 7% drop. Currently, the whale holds 2,007 coins worth $3.9 million.
The significant transfer follows a similar move by MKR co-founder, who dumped tokens worth approximately $4.5 million lately.
Wallet 0xa58 (linked to @RuneKek, #MakerDAO cofounder) has sold 2,235 $MKR for 4.542M $DAI at $2,032 on average in the past 2 days.
— Spot On Chain (@spotonchain) January 28, 2024
Currently, the wallet still holds 2,430 $MKR ($4.92M), and may keep selling.
The $MKR price has been down ~3.39% (2D), since the first sale.
Want… pic.twitter.com/iW2A0pMLHx
Meanwhile, the selling behavior by whales amid dwindled prices will likely influence MKR prices negatively.
Enthusiasts could consider MKR dumping by significant holders a signal for potential price dips in the upcoming sessions. The declined weighted sentiment supported this narrative, with social media users remaining pessimistic about the altcoin’s future. Furthermore, Maker recorded massive plunges in network growth.
That shows new wallets refrain from purchasing MKR despite discounted prices. Faded interest from bulls could further dump MKR’s price. Moreover, the coin traded with a dwindled velocity.
Nonetheless, developments in the overall crypto market remain crucial in determining MKR’s future price trajectory.
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