- Whale transactions have risen significantly over the last few weeks
- Steady accumulation supported MKR’s price, with the same hiking by 36% in a month
MKR, the governance token of leading stablecoin lending protocol MakerDAO, has caught the eye of institutional investors.
MKR accumulation on the rise
According to on-chain tracking platform Spot On Chain, as many as 13 wallets withdrew 13,560 MKR tokens, worth nearly $46 million at prevailing market prices, from Binance over the past week. In fact, about 65% of the tokens were withdrawn in the last 24 hours alone.
Additionally, three more wallets carried out test withdrawals and are likely to extract more MKR soon.
Interestingly, all the 16 wallets received funding from one common wallet, which allegedly belonged to Anchorage Digital, a well-known crypto-custodian for financial institutions. This has fueled speculations that all the wallets might belong to one entity.
However, the accumulation trend wasn’t just restricted to a select cohort, but rather represented a broader market phenomenon.
As per AMBCrypto’s analysis of Santiment’s data, whale transactions surged significantly over the last month. The fact that MKR’s exchange reserves depleted in the same time proved that investors have been stacking up.
In fact, the aggressive accumulation helped MKR, pushing its price up by 36% in a month.
Source: Santiment
Is this the reason?
The motivation to HODL comes as MKR’s parent protocol MakerDAO gears up to launch Endgame – An ambitious project introduced by co-founder Rune Christensen. It is aimed at overhauling the governance and tokenomics of the Maker Ecosystem. The launch is scheduled for sometime in summer 2024.
Endgame would see the launch of a new stablecoin and a new governance token, wherein each MKR holder would have the option of upgrading to the new token.
Is your portfolio green? Check out the MKR Profit Calculator
What’s happening in the broader market?
While this factor is specific to Maker’s ecosystem, it is pertinent to observe how the accumulation trend fit with the broader market.
As per AMBCrypto’s analysis of Glassnode’s data, leading market coins like Bitcoin [BTC] and Ethereum [ETH] saw their supply on exchanges plummet in recent weeks, implying accumulation.
However, the supply of layer-2 (L2) coins Polygon [MATIC] and another popular DeFi token Aave [AAVE] increased noticeably – A sign of possible sell-offs.
Source: Glassnode
- Whale transactions have risen significantly over the last few weeks
- Steady accumulation supported MKR’s price, with the same hiking by 36% in a month
MKR, the governance token of leading stablecoin lending protocol MakerDAO, has caught the eye of institutional investors.
MKR accumulation on the rise
According to on-chain tracking platform Spot On Chain, as many as 13 wallets withdrew 13,560 MKR tokens, worth nearly $46 million at prevailing market prices, from Binance over the past week. In fact, about 65% of the tokens were withdrawn in the last 24 hours alone.
Additionally, three more wallets carried out test withdrawals and are likely to extract more MKR soon.
Interestingly, all the 16 wallets received funding from one common wallet, which allegedly belonged to Anchorage Digital, a well-known crypto-custodian for financial institutions. This has fueled speculations that all the wallets might belong to one entity.
However, the accumulation trend wasn’t just restricted to a select cohort, but rather represented a broader market phenomenon.
As per AMBCrypto’s analysis of Santiment’s data, whale transactions surged significantly over the last month. The fact that MKR’s exchange reserves depleted in the same time proved that investors have been stacking up.
In fact, the aggressive accumulation helped MKR, pushing its price up by 36% in a month.
Source: Santiment
Is this the reason?
The motivation to HODL comes as MKR’s parent protocol MakerDAO gears up to launch Endgame – An ambitious project introduced by co-founder Rune Christensen. It is aimed at overhauling the governance and tokenomics of the Maker Ecosystem. The launch is scheduled for sometime in summer 2024.
Endgame would see the launch of a new stablecoin and a new governance token, wherein each MKR holder would have the option of upgrading to the new token.
Is your portfolio green? Check out the MKR Profit Calculator
What’s happening in the broader market?
While this factor is specific to Maker’s ecosystem, it is pertinent to observe how the accumulation trend fit with the broader market.
As per AMBCrypto’s analysis of Glassnode’s data, leading market coins like Bitcoin [BTC] and Ethereum [ETH] saw their supply on exchanges plummet in recent weeks, implying accumulation.
However, the supply of layer-2 (L2) coins Polygon [MATIC] and another popular DeFi token Aave [AAVE] increased noticeably – A sign of possible sell-offs.
Source: Glassnode
can i buy cheap clomid without prescription get generic clomid without a prescription where to get cheap clomid tablets order generic clomiphene pills clomiphene one fallopian tube can i get cheap clomid price cost cheap clomid online
This is the stripe of content I have reading.
This is a keynote which is virtually to my verve… Numberless thanks! Unerringly where can I notice the contact details an eye to questions?
order azithromycin 500mg pill – oral flagyl generic flagyl 200mg
order rybelsus pill – brand periactin 4mg cyproheptadine 4 mg uk
buy motilium without a prescription – cyclobenzaprine 15mg cheap order generic flexeril 15mg
inderal 20mg canada – buy methotrexate tablets purchase methotrexate for sale
cost augmentin – https://atbioinfo.com/ acillin price
esomeprazole 40mg canada – anexa mate cost esomeprazole 40mg
buy coumadin online cheap – https://coumamide.com/ purchase losartan
meloxicam 15mg uk – https://moboxsin.com/ buy cheap generic mobic
prednisone oral – https://apreplson.com/ purchase deltasone sale
buy ed pills cheap – buy erection pills sexual dysfunction
buy amoxicillin tablets – amoxicillin pills amoxicillin canada
purchase diflucan pills – https://gpdifluca.com/# diflucan online
escitalopram cheap – lexapro brand buy lexapro 20mg without prescription
cenforce 50mg price – this buy cenforce 50mg online
when will cialis be generic – how much does cialis cost at cvs cialis 20 mg how long does it take to work
cialis male enhancement – where to buy tadalafil in singapore how much does cialis cost at walmart
brand ranitidine 300mg – https://aranitidine.com/# generic ranitidine 300mg
sildenafil citrate 100mg en espaГ±ol – https://strongvpls.com/# viagra sale england
Thanks on sharing. It’s first quality. order accutane online south africa
The thoroughness in this break down is noteworthy. https://gnolvade.com/
This website absolutely has all of the tidings and facts I needed to this participant and didn’t positive who to ask. https://ursxdol.com/azithromycin-pill-online/
With thanks. Loads of expertise! https://prohnrg.com/product/cytotec-online/
The thoroughness in this piece is noteworthy. online
I’ll certainly carry back to review more.
https://doxycyclinege.com/pro/dutasteride/
Thanks for sharing. It’s first quality. https://sportavesti.ru/forums/users/pnlzn-2/
dapagliflozin 10mg canada – https://janozin.com/ buy dapagliflozin
order xenical generic – click order orlistat 60mg without prescription