Crypto Whales Keep Accumulating This Ethereum-Based Altcoin

The price of the Ethereum-based governance token Maker (MKR) has surged nearly 70% over the past month. According to prominent on-chain analyst LookOnChain, crypto whales have been increasingly accumulating MKR during this period.

LookOnChain reported on X (Twitter) that 10 wallets have accumulated 32,759 MKR (worth $66.66 million, 3.55% of the circulating supply) from exchanges over the past month. The largest single transaction was 12,103 MKR (worth $24.63 million) withdrawn by wallet 0xd520 from an exchange today.

Several other major wallet addresses withdrew large amounts of MKR from exchanges like Binance and MEXC over the past month:

  • 0x04e9 withdrew 4,802 MKR (worth $9.77 million) from Binance 20 days ago, then distributed to 2 new addresses via Binance 16 hours ago, possibly to avoid on-chain tracking.
  • 0xE68E withdrew 3,650 MKR (worth $7.4 million) from Binance 18 days ago.
  • 0x4760 withdrew 3,158 MKR (worth $6.4 million) from Binance 15 days ago.
  • 0x5D7a withdrew 3,098 MKR (worth $6.3 million) from Binance between Dec 1, 2023 and Jan 2, 2024.
  • 0x09ED withdrew 2,789 MKR (worth $5.67 million) from MEXC between Jan 2 and Jan 9.

Several other wallets with large MKR withdrawals were also identified. This significant accumulation of MKR by crypto whales points to their confidence in the long-term growth potential of the token and the Maker ecosystem.

What is Maker (MKR)?

Maker (MKR) is the governance token of MakerDAO and the Maker Protocol, which are an Ethereum-based decentralized organization and software platform for managing the DAI stablecoin. Launched in 2017, the Maker project’s primary aim is to maintain DAI, a decentralized cryptocurrency with a stable $1 value pegged to the US dollar.

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The recent price surge and significant accumulation of MKR by crypto whales signals continued confidence in Maker’s decentralized stablecoin framework. As adoption of decentralized finance applications grows, Maker is positioned to be a leading player through governance of the popular DAI stablecoin.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!