While Bitcoin didn’t meet expectations post-spot ETF approval, certain altcoins, such as Maker ($MKR), have captured the market’s attention with their notable ascent.
![](https://crypto-feed.news/wp-content/uploads/2024/01/maker.png)
Maker, in particular, has witnessed a remarkable surge, experiencing a roughly 70% increase in its price over the past month. Lookonchain’s analysis attributes this surge to whale accumulation.
![](https://crypto-feed.news/wp-content/uploads/2024/01/MKR_1M_graph_coinmarketcap.png)
According to the post, in the last month, 10 significant whale wallets amassed 32,759 MKR, equivalent to $66.66 million and constituting 3.55% of the circulating supply, directly from various exchanges.
Specifically, a wallet identified as 0xd520 withdrew 12,103 MKR, valued at $24.63 million, just today. Another wallet, 0x04e9, withdrew 4,802 MKR, worth $9.77 million, from Binance 20 days ago. Interestingly, this MKR was sent back via Binance 16 hours ago, likely as a measure to avoid on-chain tracking. Notably, the sender distributed the MKR to two new addresses.
As of the current writing, MKR continues to trade at $2,035, maintaining its position in the market.