Should You Follow the Maker [MKR] Whale’s Buying and Selling Spree?

Journalist

• MKR whale made ⁣$7 million in⁣ the last 24 hours
• The altcoin’s price quickly lost the previous ‍trading session’s gains after ‍falling more than 2%

Activity seen in a⁢ major ‍Maker (MKR) wallet over the past four months ‌may indicate a strategy to deposit significant amounts of MKR into exchanges. An analysis of the transactions ⁣shows that these deposits‌ are closely linked to MKR price trends – ‍suggesting a ‍calculated process.

Maker whale makes more deposits

Data from Lookonchain shows that a Maker (MKR), a major wallet, has ‍been depositing⁢ MKR​ into Binance tokens since April 2024. This wallet most recently deposited 2,500 tokens worth approximately ⁣$7 million based‍ on the ​current market price. This wallet has deposited over⁢ 20,000 MKR since April – worth over $55⁣ million.

At the ​time of​ writing, the wallet still held around‍ 6,405 MKR, ⁣which is estimated to be worth around $18 million.

The ⁣wallet’s⁣ activity over the past few months, which included significant deposits, shows its ‌potential⁢ influence on MKR’s liquidity and price stability. It is therefore worth asking: how strong has the influence ‌been on the price?

Maker performance since April

Maker’s (MKR) ‍daily chart, analyzed over the past four months, shows ​significant price ‍fluctuations. ⁣Lookonchain data shows that the wallet has taken advantage of price fluctuations by selling⁢ MKR more frequently at⁤ higher prices.

On ⁤April 24, a​ wallet first ​showed a notable example of strategic⁢ selling. MKR ‍price fluctuated wildly that day. It started at $2,900 and reached a high ​of $3,000 before closing at $2,874.

MKR then saw a significant decline starting on July 17. Just a day before the decline, MKR briefly rose above $3,000 – its highest level since May.

This period presented an ‍opportunity for‍ strategic selling. The well-known Maker wallet ⁢was able ​to continue depositing and selling at⁣ a profit.

MKR traded at ⁤$2,765, down 2%. This price drop could be the result of a cooling-off period after the recent surge or an indication that ⁢the market is ​reacting to larger moves.‍

MKR flow remains normal

Although recent whale activity⁣ could indicate significant⁣ market movements, the overall ​Maker netflow has shown a relatively stable trend over the past few days.

CryptoQuant’s analysis showed ⁣that there was a positive ⁤netflow ⁤on July 19, with 351 MKR flowing into exchanges.

Here is the MKR market cap expressed in ⁣BTC terms.

Netflow at​ the time of writing was -150 MKR. This reflects⁣ a larger volume of withdrawals compared to deposits.