Maker ($MKR) Surges 70%: Whale Accumulation Sparks Altcoin Rally

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.

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.

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.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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