- This whale behavior may add to the negative perception of MKR.
- As FUD started to grow, sentiment towards MKR decreased.
MakerDAO (MKR) recently made headlines when its co-founder sold a large amount of MKR. Data shows this was not an isolated incident and other whales were following suit.
The whale is swimming away
Data from Lookonchain shows that over the past four days, significant transactions have occurred with whales offloading 2,658 MKR at an average price of $2,022.
Afterwards, the price of MKR fell 7.6% due to massive selling. Despite this, the whale still holds 2,007 MKR worth $3.9 million.
One whale killed 2,658 people. $MKR About 5.37 million $DAI The average price over the last four days is $2,022.
And the price is $MKR There has been a 7.6% decline since whale speculation began.
There are still 2,007 whales in the wild. $MKR ($3.9M), it will be sold again so watch out! https://t.co/4Inn58tYVb pic.twitter.com/uGhe38Wb7P
— Lookonchain (@lookonchain) January 29, 2024
This news follows a similar transaction from the Maker co-founder, who recently sold $4.5 million worth of MKR.
The fact that whales participated in the sales activity could add to the negative perception of MKR.
Investors could interpret this as a sign of collective anxiety among major holders, potentially raising doubts about MKR’s future price trajectory and overall market sentiment. This was further evidenced by the decline in sentiment towards MKR.
The decline in weighted sentiment suggests that many users on social media have a bearish outlook on MKR. Along with the drop in MKR price, network growth also dropped significantly.
This indicates that there are no new addresses looking to accumulate MKR and none of them saw the correction as an opportunity to buy MKR at a discount. Lack of buyer interest may have a negative impact on the price of MKR.
Moreover, the transaction speed of MKR has also decreased.
DAI Rolling
Even if the whales abandoned their tokens, this is not an indication of a lack of faith in the MakerDAO ecosystem.
The sale of these tokens immediately led to the accumulation of DAI.
How much is 1,10,100 MKR worth today?
Despite the massive accumulation of DAI, no significant changes have been observed in the market capitalization of stablecoins.
While the market capitalization of other stablecoins such as USDC and USDT continued to grow, DAI’s market capitalization remained flat.