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Crypto Investor Sells $31.20 Million Worth of Maker (MKR) in Two Months

2 mins
Updated by Harsh Notariya
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In Brief

  • A crypto multisign wallet sold $31.20 million Maker in 2 months, affecting its market price
  • Two new tokens, NewStable and NewGovToken, to enhance Dai and governance
  • Despite recent market sales, MKR is attempting for a bullish reversal.
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A crypto multisign wallet has recently executed substantial sales of the Maker (MKR). According to the on-chain analytical platform Spot On Chain, the multisign 0xbba deposited a significant 750 MKR, valued at $2.19 million, to Binance. This transaction happened through a middle wallet – 0x1cc at a price of $2,920.

This action is part of a broader trend that has garnered attention within the industry.

Price Impact on MKR

Spot On Chain observed that since its resurgence on March 18, 2024, the multisign has consistently deposited MKR tokens. The deposits total a staggering 11,993 MKR, valued at $31.18 million at an average price of $3,184. These deposits often precede a price drop, indicating a strategic approach to managing market movements.

During this period, a notable transfer involved 9,043 MKR, amounting to $29.75 million, which flowed from Wintermute Trading OTC to various centralized exchanges (CEXs) like Binance, Coinbase, and Kraken between March 18 and April 22. Additionally, 2,950 MKR, valued at $8.43 million, was directly deposited into Binance via the intermediary wallet 0x1cc in the last 11 days.

Read more: A Beginner’s Guide to Decentralized Autonomous Organizations

Despite these transactions, the multisign still retains a substantial 18,978 MKR, worth over $60 million.

This flurry of activity coincides with MakerDAO’s plans to introduce two new tokens – NewStable (NST) and NewGovToken (NGT). NST, an upgraded version of Dai, promises enhanced stability features for broader adoption. On the other hand, NGT represents a revamped governance model aimed at fostering wider participation and dynamic decision-making within MakerDAO’s ecosystem.

Dai holders can seamlessly upgrade to NST, while MKR holders can convert each MKR into 24,000 NGT, promoting broader engagement in governance activities.

“These additions represent an expansion and will not replace the existing Dai (DAI) and Maker (MKR) tokens. Users will have the option to transition to NewStable and NewGovToken,” MakerDAO wrote.

Despite recent market fluctuations that saw MKR dip by approximately 28% from its April highs, there are indications of a potential reversal.

Technical analysis points to the formation of a bullish cup and handle pattern, with a breakout from the neckline potentially pushing prices up by nearly 14% to $3327. However, failure to breach this level could see support forming around $2,700.

Read more: Maker (MKR) Price Prediction 2023/2025/2030

MakerDAO (MKR) Price Performance
MakerDAO (MKR) Price Performance. Source: TradingView

Investors might consider the multisign wallet’s deposit patterns, which often coincide with price drops.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Harsh Notariya
Harsh Notariya is a journalist and crypto expert that excels in delivering the latest Web3 and Crypto News. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.
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