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.