Whales Continuously Accumulate MakerDAO Tokens In An Aggressive Price Increase

Whales-Continuously-Accumulate-MakerDAO-Tokens-In-An-Aggressive-Price-Increase

Key Points:

MakerDAO’s MKR token experiences back-to-back bullish sessions, ranking as the fourth highest gainer on September 13, amid growing positive signals.
On-chain data highlights increased accumulation of MKR by significant investors, including a notable whale named “0x432,” who swapped 1,100 ETH for 1,535 MKR, yielding a $27.8K floating gain.
As the DeFi sector faces challenges, MakerDAO prepares for its “Endgame” strategy to maintain DeFi’s permissionless nature

In a second consecutive bullish session, the MakerDAO token (MKR) is displaying strong positive indicators, making it the fourth biggest gainer on September 13. On-chain data reveals that significant investors, often referred to as “whales,” are actively accumulating MKR.

According to data from Spot On Chain, a notable whale identified as “0x432” executed a swap of 1,100 ETH for 1,535 MKR, averaging $1,146 per MKR over the past two days. This transaction resulted in a floating gain of $27.8K for the whale.

It’s worth noting that this particular whale had previously earned $4.02 million from investments in LDO and MATIC in late 2022 and early 2023 but has recently incurred a total loss of $1.98 million from investments in ARB, MAGIC, and RDNT in September alone.

As the decentralized finance (DeFi) sector confronts existential challenges, MakerDAO is taking proactive steps to maintain DeFi’s permissionless nature. The initial phase of its “Endgame” strategy is set to commence in early 2024.

MKR, an Ethereum ERC-20 token, serves as the native governance token for the Maker platform. Its price fluctuates compared to DAI, with the choice of currency to which DAI is pegged being adapted by the DAO. MKR stands out as the largest token in the decentralized borrowing and lending platform sector.

Currently trading at approximately $1,177, MKR’s 5% gain on the day suggests a bullish outlook for the token.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.